Yield Curve Control is a central bank tool that the Bank of Japan has implemented since 2016. This is around the time I first got very concerned that fixed income markets would not protect investor portfolios due to the anchoring effect it would cause, Larry Berman writes for BNNBloomberg.ca.
Yield Curve Control is a central bank tool that the Bank of Japan has implemented since 2016. This is around the time I first got very concerned that fixed income markets would not protect investor portfolios due to the anchoring effect it would cause.
Last week, Federal Reserve Chair Jerome Powell suggested there is likely more work to do. Over the weekend, Neil Kashkari, president of the Minneapolis Fed, said, “I personally don’t think that’s realistic, that we’re going to end this inflation cycle with no cost to the labour market.” If the long-term bond rate anchor has been lifted by the BoJ, the massive U.S. deficits, along with quantitative tightening could have a negative influence depending on how it will be financed. That job is done by Janet Yellen and the U.S. Treasury. We find out this week how that will be financed at 8:30 am on Aug. 2 at the Quarterly Refunding Announcement .
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