From 2009 until the end of last year, net asset purchases by major central banks — the US Federal Reserve, European Central Bank, Bank of England, and Bank of Japan — totalled about $20tn. That figure must come down. The big question is how far, and how fast.Following the financial crisis, central banks hoovered up bonds as part of quantitative easing programmes to stimulate demand-sapped economies. Then the pandemic hit, leading to a further bond-buying binge to calm markets. Central banks (with the exception of the BoJ) have been slimming their balance sheets this year via quantitative tightening: letting expiring bonds roll off their balance sheets, and in the case of the BoE, through sales.
从2009年到去年年底，主要央行——美联储(Federal Reserve)、欧洲央行(ECB)、英国央行(Bank of England)和日本央行(Bank of Japan)——的净资产购买总额约为20万亿美元。这个数字必须降下来。现在最大的问题是降幅多大、降得多快。