The writer is an FT contributing editor and global chief economist at KrollAs the era of cheap money comes to an end amid a global central bank tightening cycle, UK pension funds have been among the first bodies to float to the surface. I am certain they will not be the last. Margin calls sparked by the funds’ liability-driven investing (LDI) forced the Bank of England back into quantitative easing. And on Tuesday the BoE widened its bond-buying programme, warning of a “material risk to UK financial stability”.
本文作者是英國《金融時報》特約編輯、Kroll全球首席經濟學家。
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