The largest macro policy change in a decade is coming. Quantitative easing allowed central banks to expand their balance sheets, buy all around them, and compress yields on things like sovereign bonds, allowing states to borrow more and more easily. Quantitative easing lowers the interest rates on savings and loans, and that stimulates spending in the economy. The world’s largest central banks are calling time on quantitative easing because of the large rise in inflation. The US Federal Reserve, usually the leader in monetary policy, announced the change last month and it came into effect this month. The sums of…

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