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Michael Howell: "QE Is Coming Back, Big Time"
Forward Guidance
The End Game of the ECB's Reduction in Balance Sheet
The ECB has a target of actually reducing radically the size of the ECB balance sheet, as we know. But I'd say good luck with that, because I don't think they're getting anywhere near their projections. The only way is to disincentivize people with a high level of interest rates, okay? And what you can't do is to get interest rate, they've got to be just right. So it's like a Goldilocks scenario, okay? If rates are too high, governments then start to suffer in the sense that their interest bill will compound and debt will skyrocket. They can't be too high, which is why yield curve control has got to be there in
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