Quantitative Easing!!! | Credit Writedowns<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"The BoJ announced today that it will expand its asset purchase programme by JPY5trn (USD66bn), with all the purchases being directed at JGB’s. Add that to the GBP75bn (USD120bn) by the BoE, CHF50bn (USD57bn) by the SNB and the EUR341bn (USD477bn) expansion of the ECB balance sheet since the end of June, and it collectively … <\/p>\n
Continue reading “Quantitative Easing!!! – Andy Lees, UBS | Credit Writedowns”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,17,33,34],"tags":[244,628,2827,2831],"class_list":["post-1609","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-japan-korea","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-asset-purchases","tag-central-banks","tag-qe","tag-quantitative-easing"],"yoast_head":"\nQuantitative Easing!!! - Andy Lees, UBS | Credit Writedowns - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quantitative Easing!!! - Andy Lees, UBS | Credit Writedowns - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The BoJ announced today that it will expand its asset purchase programme by JPY5trn (USD66bn), with all the purchases being directed at JGB’s. Add that to the GBP75bn (USD120bn) by the BoE, CHF50bn (USD57bn) by the SNB and the EUR341bn (USD477bn) expansion of the ECB balance sheet since the end of June, and it collectively … Continue reading "Quantitative Easing!!! – Andy Lees, UBS | Credit Writedowns"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/quantitative-easing-andy-lees-ubs-credit-writedowns\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-27T20:54:58+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/quantitative-easing-andy-lees-ubs-credit-writedowns\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/quantitative-easing-andy-lees-ubs-credit-writedowns\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Quantitative Easing!!! – Andy Lees, UBS | Credit Writedowns\",\"datePublished\":\"2011-10-27T20:54:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/quantitative-easing-andy-lees-ubs-credit-writedowns\/\"},\"wordCount\":90,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"asset purchases\",\"central banks\",\"QE\",\"quantitative easing\"],\"articleSection\":[\"Banks & Interest Rates\",\"Japan & Korea\",\"UK & Europe\",\"US & Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/quantitative-easing-andy-lees-ubs-credit-writedowns\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/quantitative-easing-andy-lees-ubs-credit-writedowns\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/quantitative-easing-andy-lees-ubs-credit-writedowns\/\",\"name\":\"Quantitative Easing!!! - Andy Lees, UBS | Credit Writedowns - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2011-10-27T20:54:58+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/quantitative-easing-andy-lees-ubs-credit-writedowns\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/quantitative-easing-andy-lees-ubs-credit-writedowns\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/quantitative-easing-andy-lees-ubs-credit-writedowns\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Quantitative Easing!!! – Andy Lees, UBS | Credit Writedowns\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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As regards demand stimulus, expansionary fiscal policy will not be punished by the\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1401,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/a-year-later-everyone-is-catching-on-about-fed-policy-and-net-interest-margins-credit-writedowns\/","url_meta":{"origin":1609,"position":1},"title":"A year later everyone is catching on about Fed policy and net interest margins | Credit Writedowns","author":"ColinTwiggs","date":"October 19, 2011","format":false,"excerpt":"\"As I wrote in April: If long rates are largely determined by expected future short rates, the longer short rates are at zero percent, the lower long rates will go. That's toxic for bank interest margins..... Now that we are seeing more movement down on net interest margins (BofA and\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10295,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/07\/14\/fed-excess-reserves-shrinking\/","url_meta":{"origin":1609,"position":2},"title":"Fed excess reserves shrinking","author":"ColinTwiggs","date":"July 14, 2014","format":false,"excerpt":"Commentators have highlighted the fact that bank excess reserves held on deposit at the Fed \u2014 and on which banks are paid interest at 0.25% p.a. \u2014 are declining. This would suggest that bank lending is rising, increasing inflationary pressure. The Fed is well aware of the situation ...and has\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Fed Excess Reserves- Weekly","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-07-14-fed-excessreserves-wk.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-07-14-fed-excessreserves-wk.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-07-14-fed-excessreserves-wk.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":4694,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/24\/quantitative-easing-and-the-lack-of-responses-in-bond-yields\/","url_meta":{"origin":1609,"position":3},"title":"Quantitative easing and the (lack of) responses in bond yields","author":"Colin Twiggs","date":"June 24, 2012","format":false,"excerpt":"...When the Fed was performing quantitative easing, treasury yields rose as the economy recovered and inflation expectation rose. On the other hand, treasury yields fall when the Fed was not performing quantitative easing as the period without quantitative easing coincided with the weakening of the economy as well as the\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5326,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/22\/when-will-the-fed-qe\/","url_meta":{"origin":1609,"position":4},"title":"When will the Fed QE?","author":"Colin Twiggs","date":"August 22, 2012","format":false,"excerpt":"Is the Fed likely to introduce new asset purchases before or after the November election? Peter Boockvar at The Big Picture writes: Bottom line, of the 10 voting FOMC members, 8 are doves so it will always be the case that \u201cmany\u201d are ready for more QE if need be.\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6906,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/08\/quantitative-easing-does-not-address-the-fundamental-problems-underpinning-struggling-western-economies-europp\/","url_meta":{"origin":1609,"position":5},"title":"Quantitative easing does not address the fundamental problems underpinning struggling western economies. | EUROPP","author":"Colin Twiggs","date":"March 8, 2013","format":false,"excerpt":"John Doukas questions the benefits of quantitative easing: ...excessive money supply fails to increase real economic activity because it raises the labour cost while it lowers the cost of capital. 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