Back to normalcy: Yellen speaks during a news conference after the FOMC meeting in Washington. If Trump does not replace her by year-end, then the US financial environment will start its trek back to normalcy. — Reuters
LAST Thursday was a watershed moment in the world of international finance and economics.
The Federal Reserve (Fed) announced the start of an exercise to reduce its balance sheet, meaning the end of an environment of ample liquidity in the United States financial system. It is the end of an era where the central bank of the world’s largest economy pumped the system with money to reflate the economy as a response to the 2008 financial crisis.
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