“Warnings about monetary overkill by central banks are growing louder. This time the insurgency is coming from within America’s New Keynesian elite. That matters. It suggests that the Federal Reserve may be closer to a blissful ‘policy pivot’ than markets think.”
USAGOLD note: Evans-Pritchard goes on to say that the Fed does not understand how QE/QT actually works, “as admitted cheerfully by one Ben Bernanke, Nobel price laureate as of yesterday.” Some may dispute that assertion. We know enough to understand that once central bank support for the bond market is removed all hell breaks loose. Just ask, for one, the Bank of England and UK’s pension industry.