Ahead of a recent appearance in Hong Kong, one minder for Ben Bernanke suggested that the former chairman of the Federal Reserve should be asked not about the cost of quantitative easing, but about the impact of the policy instead.
For years, central bankers have been reluctant to suggest unconventional monetary policies even had costs. But while developed markets plunge deeper into uncharted financial territory because of central bank actions, the drawbacks of such policies are becoming apparent.
The negative effects will become more obvious. This will occur as asset price inflation — the main consequence of central bank policies — goes into reverse, robbing financial engineering of its efficacy and flattening the yield curve.
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