Bruce Kasman is joined by Michael Feroli, Allan Monks, Joe Lupton, and Greg Fuzesi to discuss this week’s DM central bank policy meetings. Although the Fed, Bank of England, and ECB moved on different fronts, each is accelerating its normalization process while emphasizing that there is no need to move very far. While we believe the Bank of England and Fed will raise rates three times next year, neither central bank is guiding toward a full normalization of stances over 2022-23. In a similar vein, the ECB announced an end to PEPP in March but suggested that policy rates are likely to remain on hold through 2022.

This podcast was recorded on December 16, 2021.

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