Credit investors nervous over withdrawal of QE2

The much-anticipated end of quantitative easing in the US is giving rise to fears over the economic and financial fallout when the central bank’s life support machine is turned off

Fed chairman Ben Bernanke

In November 2008, the US Federal Reserve began a purchasing programme that brought around $600 billion of mortgage-backed securities onto its books. By June 2010 the Fed’s accumulation of bank debt, MBS and Treasury notes amounted to $2.1 trillion (including the $700–$800 billion it already had on its balance sheet before the crisis). It began a second round of easing, known as QE2, in November 2010 and had purchased a further $600 billion of Treasury Securities by the end of March 2011.

As those

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