Central Banks

In recent years, central banks have managed to prevent markets from worrying about guessing the direction of their policies by giving them indications that have not been too dramatic or overly inaccurate.

2016 was supposed to be the year that the Federal Reserve "normalized" its policies. As much as two years ago -after years of a near-zero target rate- the Fed was swearing that it would begin to raise rates back to "normal" levels and cut its balance sheet. That never happened.