The Fed will therefore accelerate its rate of balance sheet expansion, easing monetary conditions further.
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The ice sheet's recent rate of loss around 200 gigatonnes a year represents a fourfold increase on a decade ago.
As a result, the sea is eating away the edge of the ice sheet at a faster rate.
As the Italian economy slows, as many expect it will, the ECB may be forced to expand its balance sheet again with interest rate cuts and possibly some form of sovereign bond purchasing, which we ever more ironically refer to as QE.
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All that the Fed really controls is its balance sheet, and the interest rate that it pays on bank reserves.
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Louis Fed president James Bullard has been a proponent of varying the rate of asset purchases to reflect the level of accommodation, while in the past Bernanke has said the total size of their balance sheet, rather than its rate of change, determined the level of monetary easing.
In my opinion, there is little danger that nominal rates will outpace the increase in the rate of inflation until the Fed unwinds its balance sheet like it did under Paul Volcker 30 years ago.
Fujita has the weakest balance sheet of all, with an interest-rate coverage of 0.8.
This means that big exchange-rate movements can have a devastating impact on a country's balance sheet.
On the negative side, the ECB is contracting its balance sheet footings in size, as of February at an annualized three month rate of 33%.
The decision by the Fed to offer emergency liquidity to Bear Stearns and to facilitate its acquisition by JPMorgan Chase had less to do with the size of Bear's balance-sheet than with its central role in markets for credit-default and interest-rate swaps.
He has advocated a simple two-rate personal income tax system, under which individual taxpayers could fill out their returns on a single sheet of paper.
Liverpool boss Roy Hodgson may take solace in a clean sheet for his side and the fact they remain top of their group but their slow rate of progress will be a concern.
Neither could interest rate cuts coax banks, which are currently re-evaluating risk and keeping a tight grasp on their balance sheet, to be more generous in their lending to house buyers.
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