For almost a decade, the world’s major central banks have pursued unconventional monetary policies – first to fend off a financial crash, then to kick-start growth.  At long last, central banks seem prepared to unwind these policies, but are they acting too soon, or too late? 

  • Stephen S. Roach argues that with today’s frothy markets, the US Federal Reserve should dramatically speed up its plan to normalize its balance sheet by 2022-2023. 
  • Nouriel Roubini says central banks may be damned if they maintain unconventional monetary policies, given the risk of asset bubbles and excessive credit growth, and damned if they don’t, given how low inflation remains.
  • Adair Turner, however, expects major central banks to move slowly, and doubts that the US federal funds rate will exceed 2.5% in 2020.
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