Almost every major asset class has peaked from a very high level and the descent will be protracted. The Fed is letting $50 billion a month run off their balance sheet. The ECBs QE program was carrying purchases of 30 bln euros a month through September, until October and November when purchases were reduced to 15 bln euros a month, purchases are supposed to go to zero in December. The Japanese Central Bank is shrinking their balance sheet simultaneously with the ECB and the Fed. The question is, how much will central banks shrink liquidity whilst assets fall?

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