Have We Reached An Inflection Point In Central Bank Interventions?

Accommodative monetary policies and central bank intervention has been a running theme for years, and at least in the US that looks like it will start to change in the fall when the Federal Reserve is expected to begin the next tightening cycle. But it may be that we are looking at a more general shift away from such loose monetary policies, and that recent bond volatility will be more common in the next few years.

“2015 will go down as the year when all of the Fed, ECB, BOJ and SNB hit an inflection point in their willingness to distort and manipulate markets. This mix of overt and subtle withdrawal of market support is a key macro driver...