Journal Editorial Report: Paul Gigot interviews Rep. Kevin Brady of the Ways and Means Committee. Image: Chip Somodevilla/Getty ImagesDo you have too much money? Losing sleep over that ballooning bank account? Perhaps not. But spare a thought for Jerome Powell and Christine Lagarde, who must lead us all out of a global monetary glut.
Unfortunately for financial markets, they will be pulling back at the same time, setting up 2022 as the year of the “taper tandem”—the fastest liquidity drain in a decade.indicate that advanced economies are awash in money, thanks to central banks’ voracious buying of financial assets. In March 2020, amid financial panic over Covid-19, the New York Fed was creating money to buy up to $75 billion of assets every day. Around the same time, the ECB announced an emergency program targeting €1.
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Wharton’s Jeremy Siegel says the Fed may taper faster than expected, which could spook the marketNew for subscribers: Wharton’s Jeremy Siegel says the Fed may taper faster than expected, which could spook the market. Check out CNBCPro today.
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