According to the FT US Fed governor Lael Brainard gave a public speech yesterday that laid out why that organisation want to unwind US quantitative easing.
I think some wires are crossed here. Yesterday the UK’s Office for Budget Responsibility issued a report saying (if I might, I think fairly summarise) that the UK’s fiscal risk was high, the chance of a recession significant, and the expectation that there will be a need for considerable additional public borrowing very high indeed. Not one of these facts suggests that the UK is even remotely close to considering this issue. I’ll be candid; I doubt it will be in my lifetime, and I’m planning on living a long time yet.
From Thursday’s Times:
The Bank of England should consider unwinding its £435 billion quantitative easing programme earlier than planned, one of its eight policymakers has suggested.
Ian McCafferty, one of three rate-setters who voted for an increase last month, said that the Bank ought to review its policy of leaving QE unchanged until interest rates are close to 2 per cent.
Well done to the Dicktater there.