After the flurry of central bank policy steps in early to mid-March, the past week has been somewhat less dramatic. To be sure, the US Federal Reserve still managed 6 policy press releases over the week, including a facility to provide an alternative to foreign central banks to dumping Treasuries if they need access to US dollars. But the Fed’s money printing program is really only just getting started. Balance sheet expansion of a staggering scale is under way. Ultimately we expect the US’s loss of global growth leadership and the Fed’s aggressive QE to undermine ...