“How poor are they that have not patience! What wound did ever heal but by degrees?"
William Shakespeare, Othello
Central banks are moving towards the ‘QE exit’. The US Federal Reserve this month began reducing the total size of its asset holdings bought under successive rounds of quantitative easing (QE). The European Central Bank has just announced a planned reduction in the value of its monthly asset purchases. And the Bank of Japan has been quietly reducing the pace of asset purchases since it began targeting bond yields.