Tracking the path of the policy response

What central banks lacked in policy rate room as they entered the Covid-19 crisis, they made up for in the speed and scale of their response. Every G10 central bank delivered at least one off-schedule policy announcement in March. Within two weeks, the Fed delivered more easing than it did over two years during the Global Financial Crisis. Quantitative easing has resumed in the US, UK and Sweden, expanded in Europe and Japan, and commenced for the first time in Australia, Canada and New Zealand. Australia has innovated further and adopted yield curve control. Measures undertaken seek to ...