GeorgePetersIntroduction Thanks to the Bank of Japan, all major developed central banks are now engaged in joint quantitative tightening, as Bloomberg reported on August 22. This comes after the Bank of Japan decided to shrink its portfolio of bond holdings, which is quantitative tightening ("QT"), the opposite of quantitative easing ("QE"). As we can see below, since early 2022, the largest central banks have drained liquidity from the market. In some cases, this was offset by other factors, including  ...