Monetary policy developments after the global financial crisis Although the “taper tantrum” is behind us and the Fed’s QE programme came to an end in September 2014, vast uncertainties have re-emerged.
Firstly, the timing and pace of Fed’s rate hikes became more uncertain as we moved deeper into 2015, following the soft patch in the US economy, and as inflation kept falling short of expectations. Secondly, the global environment and specifically financial markets began experiencing some renewed turbulences due to a possible Greek exit and country specific developments in EMEs.