New monetary policy Matt Cardy/Getty Images

Новая ненормальность в монетарной политике

НЬЮ-ЙОРК – Финансовые рынки начинает потряхивать из-за сворачивания нетрадиционной монетарной политики во многих развитых странах. Уже довольно скоро Банк Японии и Швейцарский национальный банк останутся единственными центральными банками, которые собираются продолжать нетрадиционную монетарную политику ещё длительное время.

Федеральный резерв США начал постепенно сворачивать программу скупки активов (политика количественного смягчения, сокращённо QE) ещё в 2014 году, а к нормализации процентных ставок он приступил в конце 2015 года. Европейский центральный банк начал сейчас размышлять над тем, как быстро ему надо будет сокращать свою программу QE в 2018 году и когда следует приступить к поэтапному повышению процентных ставок, которые сейчас имеют отрицательное значение.

Банк Англии завершил последний раунд программы QE, начатый сразу после референдума о Брексите в июне прошлого года, и сейчас рассматривает возможность повышения процентных ставок. Банк Канады и Резервный банк Австралии тоже сигнализировали о грядущем повышении своих учётных ставок.

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