Following Jean-Claude Trichet’s - President of European Central Bank - underlying the importance of large insurance companies and pension funds as important ingredients of systemic risk last month, a second announcement came out yesterday, which sounds like an indirect declaration of exit from expansionary monetary policy.
Federal Reserve has been cautiously testing the right time of the exit from quantitative easing since mid-October through reverse repos, which is basically pulling out the liquidity from the system through selling assets such as treasury bills. $1trillion additional liquidity was injected into the economy since the beginning of the crisis in 2007
2010 seems to be the year.
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