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These changes should be read as a sign that we are nearing the end of the second stage of the normalization process and are inching closer to conducting normal monetary policy.
While gold's steep rally is threatened by a return to normal monetary policy, surging demand from Asia is pushing coal prices skyward.
The second obvious thing is the need to get back to normal monetary policy: positive real interest rates that reward savers.
With central banks so far from "normal" monetary policy, new academic insights have recently tended to have a bigger impact than in more ordinary times.
Jack Meaning, research fellow at NIESR, said: "It is not necessarily going to take as much of a rate rise as it would have in a period of more normal monetary policy, because we are at a turning point.
Either could occur, he warned, as the Fed tries to step back from crisis mode and return to normal monetary policy while the world pares excessive debt on the books of governments, businesses and consumers.
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There is a profound social case for more normal monetary policies.
He complained the Fed continually has moved the goal posts on when it would start returning to more normal monetary policies.
And as I've pointed out before, we're quite close to liquidity trap territory: the point at which open-market purchases of Treasury bills, the normal way monetary policy operates, don't have any effect because the T-bill rate is near zero.
Of course, we are in uncharted territory, whereby interest rates are extraordinarily low, so we would argue that a return to more normal Federal Reserve monetary policy should be viewed as a blessing, not as a curse, especially as rate hikes generally come in response to a healthier domestic economic outlook.
It is therefore crucial for the ECB to return to its normal mode of monetary policy as quickly as possible.
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