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Central Banks’ Taper Dilemma

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Central banks are clearly not responsible for today’s investment decisions, but the longer their market support continues, the riskier the search for yield may become. Monetary policymakers and credit investors alike are facing an unenviable dilemma.

DUBLIN – Central banks’ unconventional policies undoubtedly rescued financial markets in 2020 when the COVID-19 pandemic was at its height. But those actions now leave central banks joined at the hip with credit markets, and market participants more reliant than ever on their support.

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