Commentary
For years we have read that it was important for the Federal Reserve and the major central banks to push the limits of monetary policy to boost growth and jobs. Monetary policy stood at the forefront of all recovery plans. In 2008, quantitative easing seemed enormous, but the subsequent incremental plans have made that stimulus package virtually irrelevant.
Since 2008, each new government spending plan had to be larger. If it was not at least a couple of trillion dollars, it did not even make the headlines. As for monetary policy, limits were surpassed almost every five years. Negative real and even nominal rates, trillions of new money supply, and different purchase programs that included private debt and even, in the case of Japan, exchange traded funds (ETFs)….