No collective entity had greater influence for the past 10 years over the economy and financial market.
The U.S. Federal Reserve and its global counterparts exhibited major influence over the economy and the markets over the past decade."What was once extraordinary has become ordinary, not just in the United States but all over the world," said Prudential Financials' chief market strategist Quincy Krosby said.
"It was the decade of the central bank," said Quincy Krosby, chief market strategist at Prudential Financial. "Stimulus was wanting, and the burden fell on the central banks to normalize the environment." Former Fed Chairman Ben Bernanke even half-joked once that such programs don't work in theory but do in practice, part of the general reluctance central bankers had to such aggressive intervention. His successor, Janet Yellen, put a halt to the money printing and began the process of gingerly rolling off the bond portfolio acquired through the three rounds, and these days continues to defend the Fed's stimulus actions during and after the financial crisis.
In the U.S., the asset purchases amounted to about $3.7 trillion, taking the Fed balance sheet at one point past $4.5 trillion. At the household level, total debt has climbed to nearly $14 trillion, past its $12.7 trillion recession peak. However, as a measure of household income, debt service has fallen to 9.7%, the lowest ever in data going back to 1980.As the decade ended, the institutions found themselves in quite a different position from where they started, particularly considering the worries over the state of the economy and potential asset bubbles.
They'll be picking from a sparse toolkit, with their imaginations and the market's willingness to tolerate still more financial tinkering as both allies and obstacles.
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