The Fed will therefore accelerate its rate of balance sheet expansion, easing monetary conditions further.

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As a result, the sea is eating away the edge of the ice sheet at a faster rate.

ECONOMIST: The science

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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