The Hidden Easing? BoJ boosts cash injections again and Fed reverses uphill!

Our Weekly Liquidity Conditions report has just been published. 

• BoJ liquidity expansion is gathering pace. Net liquidity provision has hit a record Y213.3tr and monetary base is expanding at a 53.2% 3m annualised clip
• Expansionary BoJ and ECB are leading the latest round of QE
• Fed tightening not happening as quickly as anticipated: we expect the Fed to resume QE later in 2015 in face of a weaker economy
• BoE liquidity provision has increased in recent weeks