A person is silhouetted as he walks past The Bank of England, amid the outbreak of the coronavirus disease , in London, Britain, November 5, 2020. REUTERS/John Sibley
Yet there are growing signs that policymakers have their eyes on the exit as vaccine rollouts pick up and growth bounces back. The Bank of Canada's C$1 billion cut to its weekly bond-buying programme last month highlights the next phase is about slowing hefty asset purchases. That has made the crown this year's best performing G10 currency . The central bank doesn't intervene in bond markets, so the taper debate is not applicable.Having announced tapering, Canada has signalled that its key interest rate could rise from 0.25% late in 2022.Flagging a stronger economic rebound, the BoE will slow bond-buying to 3.4 billion pounds a week, from the 4.4 billion-pound current weekly pace.
The Fed faces a delicate balancing act, ensuring that tapering at a time of massive U.S. government borrowing does not boost Treasury yields too much. Danske Bank analysts reckon the ECB will end up using only 1.65 trillion euros of the total PEPP stimulus package.Australia's economic rebound has surpassed expectations but the Reserve Bank of Australia, which has underscored its dovish credentials by adopting yield curve control, could be among the last to tighten policy.
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