Accessibility helpSkip to navigationSkip to contentSkip to footer

Cookies on FT Sites

We use cookies and other data for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and ads, providing social media features and to analyse how our Sites are used.

Accept cookies
Manage cookies
  • Sign In
  • Subscribe
Open side navigation menuOpen search bar
Financial Times
SubscribeSign InmyFT
  • Home
  • World
    Sections
    • World Home
    • Global Economy
    • UK
    • US
    • China
    • Africa
    • Asia Pacific
    • Emerging Markets
    • Europe
    • War in Ukraine
    • Americas
    • Middle East & North Africa
    • Australia & NZ
    Most Read
    • Vladimir Putin vows retaliation for drone attack on Moscow
    • Military briefing: Ukraine’s daring ‘shaping operations’ stretch Russian defences
    • China turns down US invitation for defence chiefs’ meeting in Singapore
    • Turkey’s lira weakens as economists warn of Erdoğan’s ‘unsustainable’ policies
    • Nato deploys extra troops to Kosovo after violent clashes
  • US
    Sections
    • US Home
    • US Economy
    • US Companies
    • US Politics & Policy
    Most Read
    • Companies
      Sections
      • Companies Home
      • Energy
      • Financials
      • Health
      • Industrials
      • Media
      • Professional Services
      • Retail & Consumer
      • Tech Sector
      • Telecoms
      • Transport
      Most Read
      • German start-up wins initial funding for revolutionary fusion energy machine
      • India files criminal complaint against Rolls-Royce and BAE
      • Philip Morris on path to becoming an ESG stock, says chief executive
      • Interest rate rises set back European bank M&A by two years
      • Asda chair defends £2.3bn deal for UK operations of sister group EG
    • Tech
    • Markets
      Sections
      • Markets Home
      • Alphaville
      • Markets Data
      • Cryptofinance
      • Capital Markets
      • Commodities
      • Currencies
      • Equities
      • Fund Management
      • Trading
      • Moral Money
      • ETF Hub
      Most Read
      • Live news: US accuses Chinese fighter jet of ‘aggressive manoeuvre’ over South China Sea
      • Philip Morris on path to becoming an ESG stock, says chief executive
      • Nvidia hits $1tn market cap as chipmaker rides AI wave
      • Turkey’s lira weakens as economists warn of Erdoğan’s ‘unsustainable’ policies
      • Wall Street banks re-enter junk debt market
    • Climate
    • Opinion
      Sections
      • Opinion Home
      • Columnists
      • The FT View
      • Lex
      • Obituaries
      • Letters
      Most Read
      • Don’t bet against the ‘suitcase principle’ of white-collar work
      • Why DeSantis is losing Republicans to Trump
      • The UK needs a new deal for its highly taxed graduates
      • How to buy a global $20bn company for nothing
      • De-risking trade with China is a risky business
    • Work & Careers
      Sections
      • Work & Careers Home
      • Business School Rankings
      • Business Education
      • Entrepreneurship
      • Recruitment
      • Business Books
      • Business Travel
      Most Read
      • ‘Everyone has the right to completely log off’: what bosses think about the right to disconnect
      • Wellcome Leap’s Regina Dugan: ‘Odds are irrelevant, if what you’re trying to do is important’
    • Life & Arts
      Sections
      • Life & Arts Home
      • Arts
      • Books
      • Food & Drink
      • FT Magazine
      • House & Home
      • Style
      • Travel
      • FT Globetrotter
      Most Read
      • Who makes the best butter?
      • The UK’s best bakeries: the readers’ picks
      • Succession finale review — one last twist of the knife
      • Our Lives in Their Portfolios — owners in the shadows
      • The power of jade
    • HTSI
    MenuSearch
    • Home
    • World
    • US
    • Companies
    • Tech
    • Markets
    • Climate
    • Opinion
    • Work & Careers
    • Life & Arts
    • HTSI
    Financial Times
    SubscribeSign In

    The QE retreat

    Add to myFT Digest

    Add this topic to your myFT Digest for news straight to your inbox

    • Thursday, 13 April, 2023
      Sovereign bonds
      Italian bonds shrug off higher rates to eclipse other big debt markets

      Returns confound expectations that ECB monetary tightening would hurt more fragile eurozone members

    • Thursday, 23 February, 2023
      Gillian Tett
      US investors need to keep a much closer eye on everywhere else

      Obsessively watching the Fed is one thing but Tokyo and Beijing matter too

    • Wednesday, 22 February, 2023
      Megan Greene
      QE has become ‘Hotel California’ for central banks

      While commercial lenders change behaviour when the balance sheet expands, they do not change it back when it shrinks

    • Wednesday, 15 February, 2023
      Global Economy
      BoJ YCC > Fed QT

      What will Ueda do?

    • Wednesday, 28 December, 2022
      Markets InsightMichael Howell
      Is QE returning by stealth?

      While the Fed is reducing its bond-buying programme, it is still providing stimulus via other means

    • Monday, 5 December, 2022
      News in-depthMarkets volatility
      Financial instability: the hunt for the next market fracture

      Investors are keeping a close eye on areas ranging from US Treasury market illiquidity to Japanese government debt

    • Wednesday, 26 October, 2022
      ECB to start talks on shrinking balance sheet amid bond market turmoil

      The eurozone’s central bankers will begin discussions this week, as well as raising rate by a likely 75 basis points

    • Monday, 24 October, 2022
      Gilts
      Traders brace for further volatility as bond markets turn bearish

      Impact of quantitative tightening adds to concerns as liquidity continues to fall

    • Monday, 11 July, 2022
      Did central bank balance sheets really need to get so big?

      Deciphering the mixed signals of monetary policy

    • Sunday, 10 July, 2022
      US quantitative easing
      The mystery of how quantitative tightening will affect markets

      Central banks are starting to shrink their balance sheets, but fund managers say they have no clue as to how QT will play out

    • Monday, 20 June, 2022
      LexEurope quantitative easing
      ECB/EU bonds: big bazooka needed to stop spreads blowing up Premium content

      The next step in the European monetary and political experiment has to be more radical than the last

    • Friday, 18 February, 2022
      Central banks
      Investors brace for central banks’ retreat from bond markets

      ‘Quantitative tightening’ will mark profound shift after years of large-scale asset purchases

    • Monday, 7 February, 2022
      News in-depthEquities
      Market swings leave high-profile stockpickers wrongfooted

      Scottish Mortgage and ‘Tiger cub’ Maverick Capital among funds nursing steep 2022 losses

    • Friday, 5 November, 2021
      The FT ViewThe editorial board
      The end of the bond market bull run

      Central banks have begun the slow process of normalising monetary policy

    • Wednesday, 3 November, 2021
      Federal Reserve
      Fed to start winding back $120bn-a-month stimulus programme

      Central bank plans ‘taper’ of bond purchases as US economy contends with surging inflation

    • Monday, 1 November, 2021
      Inside BusinessRobin Wigglesworth
      The dawn of the quantitative tightening era?

      Central banks have rattled bond markets, but fears of a radical new regime are overdone

    • Wednesday, 8 September, 2021
      The FT ViewThe editorial board
      It is time for the ECB to talk about tapering

      Outlook is still unclear but justification for emergency support is weakening

    • Friday, 27 August, 2021
      Federal Reserve
      Powell sends strong signal Fed could dial back stimulus this year

      Central bank chief declares ‘clear progress’ on US labour market in speech at Jackson Hole

    • Friday, 13 August, 2021
      The Long ViewTommy Stubbington
      Quitting QE may be harder than the Bank of England believes

      It is rash to pretend that withdrawal of support for bond markets will be straightforward

    • Wednesday, 4 August, 2021
      US Treasury bonds
      US sets stage for first Treasury sales reduction in five years

      Government says it may cut back on issuance in November amid easing borrowing needs

    • Monday, 14 June, 2021
      Federal Reserve
      Fed to discuss slowing stimulus as recovery strengthens

      FOMC could begin debate as early as this week on shrinking $120bn monthly asset purchase scheme

    • Wednesday, 21 April, 2021
      News in-depthEurope quantitative easing
      Hawks press ECB to scale back bond buying despite rising Covid wave

      Conservative policymakers urge central bank to lay ground for tighter monetary policy

    • Monday, 15 March, 2021
      Markets InsightGregory Whiteley
      Expect a taming of the bond market tantrum

      Recent rises in interest rates have been out of line with economic fundamentals and Fed guidance

    • Thursday, 11 February, 2021
      Gillian Tett
      The Fed needs to call time on cheap money

      Jay Powell, of all people, is haunted by the ghost of past monetary policy mistakes

    • Thursday, 14 January, 2021
      Federal Reserve
      Powell moves to stamp out market fear of exit from loose policy

      Dovish comments from Federal Reserve chairman fail to halt increase in Treasury yields

    Previous page You are on page 1 Next page

    Useful links

    Support

    View Site TipsHelp CentreContact UsAbout UsAccessibilitymyFT TourCareers

    Legal & Privacy

    Terms & ConditionsPrivacy PolicyCookiesCopyrightSlavery Statement & Policies

    Services

    Share News Tips SecurelyIndividual SubscriptionsGroup SubscriptionsRepublishingExecutive Job SearchAdvertise with the FTFollow the FT on TwitterFT ChannelsFT Schools

    Tools

    PortfolioToday's Newspaper (ePaper)Alerts HubBusiness School RankingsEnterprise ToolsNews feedNewslettersCurrency Converter

    Community & Events

    FT CommunityFT Live EventsFT ForumsFT Board DirectorBoard Director Programme

    More from the FT Group

    Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2023. FT and ‘Financial Times’ are trademarks of The Financial Times Ltd.
    The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice.
    Financial Times

    International Edition

    Subscribe for full access
    • Switch to UK Edition

    Top sections

    • Home
    • World
      • Global Economy
      • UK
      • US
      • China
      • Africa
      • Asia Pacific
      • Emerging Markets
      • Europe
      • War in Ukraine
      • Americas
      • Middle East & North Africa
      • Australia & NZ
    • US
      • US Economy
      • US Companies
      • US Politics & Policy
    • Companies
      • Energy
      • Financials
      • Health
      • Industrials
      • Media
      • Professional Services
      • Retail & Consumer
      • Tech Sector
      • Telecoms
      • Transport
    • Tech
    • Markets
      • Alphaville
      • Markets Data
      • Cryptofinance
      • Capital Markets
      • Commodities
      • Currencies
      • Equities
      • Fund Management
      • Trading
      • Moral Money
      • ETF Hub
    • Climate
    • Opinion
      • Columnists
      • The FT View
      • Lex
      • Obituaries
      • Letters
    • Work & Careers
      • Business School Rankings
      • Business Education
      • Entrepreneurship
      • Recruitment
      • Business Books
      • Business Travel
    • Life & Arts
      • Arts
      • Books
      • Food & Drink
      • FT Magazine
      • House & Home
      • Style
      • Travel
      • FT Globetrotter
    • Personal Finance
      • Property & Mortgages
      • Investments
      • Pensions
      • Tax
      • Banking & Savings
      • Advice & Comment
      • Next Act
    • HTSI
    • Special Reports

    FT recommends

    • Lex
    • Alphaville
    • Lunch with the FT
    • FT Globetrotter
    • #techAsia
    • Moral Money
    • Newsletters
    • Video
    • Podcasts
    • News feed
    • FT Live Events
    • FT Forums
    • Board Director Programme
    • myFT
    • Portfolio
    • Today's Newspaper (ePaper)
    • Crossword
    • Our Apps
    • Help Centre
    • Subscribe
    • Sign In