The Plenum: Much ado about nothing Well, the third Plenum went according to script. Nothing, nothing and then nothing.  Report follows. Read More

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.... Read More