It’s Only Words

Blondemoney is this morning listening to the ECB’s Nowotny as he takes great care to explain the ECB have not, and will not, use the word “taper”.  Yesterday Mark Carney said he would like to say this was the first step on a normal hiking cycle but he can’t.

Come on boys, spit it out! What are you trying to say?

Their obsession with semantics owes a great deal to the market volatility engendered by the so-called Taper Tantrum of 2013. Its shadow looms large in central banker minds. Blondemoney never quite understood why, given that the . . .

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