Antipodeans have often been at the forefront of monetary policy experimentation over the course of my career. This time the Wizards of Oz came a cropper. This should highlight the problem with forward guidance taken to extremes and discredit YCC. Whether it matters remains to be seen but for me, oscillating dislocations have truly started.
___________
This content is only available to paying subscribers. If you are a paying subscriber, please log in below to access this exclusive content.
