The Most Logical Path for Central Banks

Over the past few years, I've written several columns on the subject of flattening sovereign yield curves and the emergence of competitive depreciation in the world's primary currencies -- the U.S. dollar, euro and Japanese yen. I think that, for all three of these regions, both of these phenomena are on the verge of becoming the focus of central-bank monetary policy.

Domestic economies are growing below potential in the U.S. and Japan, and Europe is in the nascent phases of contraction. At the same time, all three regions are also suffering from a lack of consensus and cohesion on the application of fiscal policy in response to their collective economic malaise. As a result, these three are also finding that monetary policy is their primary public-policy financial tool. But their monetary systems are also supposed to be independent of their respective governments....477 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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