In 2021, the dollar, long-term sovereign debt yields, share prices, commodity prices, and overall inflation rose. Only the Bank of England’s policy interest rate among central banks featured in the monthly feature rose, and that increase didn’t happen until mid-December via a comparatively modest 15 basis points. The Fed and ECB are tapering asset purchase programs, and the Fed is signaling that there will be interest rate lift-off during 2021. The Bank of Japan among central banks examined in this feature is the least predisposed to making monetary policy less accommodative, which is understandable because Japanese ... (full story)