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China - the Plenum
The Plenum: Much ado about nothing Well, the third Plenum went according to script. Nothing, nothing and then nothing. Report follows.
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Report
Asymmetry QT vs QE
QT is shrinking of central bank balance sheets. The balance sheets of the developed countries’ central banks have shrunk nearly 17% from their 2022 peak. But this is not reducing liquidity in any way that matters to financial markets. There are two reasons for this explored here.…
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