A needless rebranding -- historically and contemporarily a central bank purchasing bonds is normal! You are right, this can then be used as a justification for shelving.

What do you make of the section on the bond portfolios, is this "we're definitely stopping... unless we need to start again"? Why not just acknowledge that market-stabilisation runs on bonds?

It's only a matter of time before Weidmann's 'getting out of town' gets a different coat of paint too.

read @alphaville.ft.com series on the crazy 'fiscal headroom' games played by the OBR and the Bank of England with QT, games with real consequences, like the two-child benefit cap, and weep for Labour's toothless governing

www.ft.com/content/d593...

Is the model for this Nixon goes to China, Schröder's sledgehammer and Steinbrück's 'proudest political achievement' (from his memoir)?

@excubs.bsky.social is on the (book) case!

Agreed, and 'discipline' is a useful porthole for historically minded scholarship wanting to use your work as a starting point working backwards.

Wow, fantastic material. Whenever I read about new developments in pension land, I remember your tweet that the military was allowed to opt out alone and stayed in the public system.