Les dépêches du mercredi matin

Le patron de JP Morgan explique que personne ne sait ce qui va se passer quand la Fed va commencer à réduire la taille de son bilan. Il n’y a jamais eu de QE comme cela auparavant et nous n’avons jamais du déboucler pareille politique non conventionnelle. Cela devrait vous alerter  sur les risques que nous courons, parce que nous n’avons aucune expérience sur ce point.

Investors don’t know what to expect when the Federal Reserve and other major central banks begin unwinding their multi-trillion-dollar bond-buying programs, J.P. Morgan Chase & Co. JPM, -0.39%  Chairman and Chief Executive Jamie Dimon warned on Tuesday.

Speaking at a conference in Paris, Dimon, according to Bloomberg, had this to say:

‘We’ve never had QE like this before, we’ve never had unwinding like this before. Obviously that should say something to you about the risk that might mean, because we’ve never lived with it before.’

Jamie Dimon

The Fed’s balance sheet quintupled in the wake of the financial crisis as policy makers embarked on various rounds of quantitative easing, purchasing government bonds, mortgage-backed securities and other assets in an effort to drive down long-term interest rates. The Fed stopped buying securities in 2014 but has maintained the size of its balance sheet by reinvesting the proceeds of its portfolio.

The unwind will begin as the central bank begins phasing out the reinvestment of those proceeds. Minutes of the Fed’s June 13-14 policy meeting indicated officials were still unsettled on the precise timing of the start of the unwind.

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Rappel mardi soir 

[Reuters] Trump seen replacing Yellen at Fed with NEC’s Cohn: Politico

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[Bloomberg] Three Key Economic Questions Facing Yellen in Congress This Week

[Bloomberg] Investors Are Jumping Back Into Hedge Funds


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