Business
Reserve Bank shouldn’t squeeze funny money lemon – The Australian Financial Review
The RBA’s venture into unconventional QE risks leaving a funny money legacy of distorted capital allocation, asset price inflation and financial system instability….
A move to full-on QE would nominate a quantity tens or even hundreds of billions of dollars of longer-dated bonds that the Reserve Bank would further buy to suppress 10-year yields. At the same time, it would lower its price target for cash and shorter-dated bonds to as low at 0.1 per cent.
Such a massive pumping up and cheapening of the money supply would push down the cost of borrowing and reinforce the federal governments massive fiscal stimulus and its business investment tax breaks to boost…
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