Global investors have been in thrall to the central banks ever since quantitative easing (QE) started in 2009 and, of course, all eyes are on the Federal Reserve this week. The Fed has now frozen its QE programme, and may raise rates sometime this year, though perhaps not as early as next Thursday. Nevertheless, global investors have been comforted by the extremely large increases in balance sheets proposed by the Bank of Japan (BoJ) and the ECB, and the overall scale of worldwide QE has seemed likely to remain sizeable for the foreseeable future.
自從2009年“量化寬松”啟動以來,全球投資者一直受制于央行,當然,本周所有的目光將聚焦于美聯儲(Fed)。美聯儲現在已凍結其量化寬松政策,并可能在今年某個時間加息(但或許不會在本周四就加息)。不過,日本央行(Bank of Japan)和歐洲央行(ECB)打算大規模擴張資產負債表的計劃曾讓全球投資者感到寬慰,在可預見的未來,全球量化寬松的整體規模原本似乎仍將十分可觀。