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Ambrose Evans-Pritchard: Brace for QE all over again, and let's get it right next time
By Ambrose Evans-Pritchard
The Telegraph, London
Friday, April 14, 2023
If you thought that zero rates and quantitative easing were a bad dream that we can all forget, you may be in for a surprise. It is again becoming clear that deflation remains the overarching structural threat to the world economy.
A few brave analysts are already starting to flag a return to emergency QE as soon as next year, convinced that the US Federal Reserve and the European Central Bank have over-tightened and set in motion a deepening credit crunch.
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Fed minutes published on Wednesday night reveal that the Fed’s own staff think that contagion from the collapse of Silicon Valley Bank has all but guaranteed a recession starting later this year.
This will smother any lingering pockets of overheating and lead to an output gap in the US economy by early next year, accompanied by plummeting inflation.
The larger point is that traumatic events of the last three years have not led to lasting inflation after all, let alone a replay of the Great Inflation in the 1970s. ...
... For the remainder of the analysis:
https://www.telegraph.co.uk/business/2023/04/14/brace-for-quantitative-easing-all-over-again/
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