With global economic concerns intensifying over recent months, policymakers have swung back into action. The US Federal Reserve has deployed more unconventional support and stands ready to quantitative ease. The European Central Bank cut its cash rate by 50bps (25bps in November and 25bps in December) to 1.00% and EU policymakers have increased the European Financial Stability fund to 1 trillion euros. Elsewhere, emerging market economies such as China and Brazil have already started to ease monetary and/or fiscal conditions.
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