Here is a riddle for you this Friday. When Central Banks who have taken interest rates artificially low, and pumped up markets by various forms of asset purchase and money creation, decide its time to reverse course, if they can, do they reduced asset purchases first, or lift rates first? Yesterday as we discussed, the FED signalled a faster rate of tapering – meaning they are buying smaller amounts of Government bonds, before lifting rates. They said they cannot also lift rates as this would confuse the markets.
But in the UK, the Bank of England just did the opposite, lifted the cash rate a tad, whilst maintaining asset purchases. So what gives?
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