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The borrower is the servant of the lender

By David Scott | Monday 3 July 2017


In the week the world's top central bankers delivered what appears seems to have be a collective message that quantitative easing is being put back in its box and interest rates are going up. Until  now stock and bonds have being  trading higher on the premise that the total pot of global liquidity was still swelling despite rising Federal Reserve rates - courtesy of ongoing European Central Bank and Bank of Japan bond buying programmes, most of all. Mario Draghi's change of tack on Tuesday had the most impact, far more than any of the recent Fed utterances. All of a sudden the usual central bank noises have suddenly harmonised over what the Bank for International Settlements calls the "great unwinding" of easy money. 

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