Services Inflation Accelerates Further in the Euro Area, Drives Overall & Core CPI Higher by Wolf Richter • Dec 2, 2025 • 20 Comments Services inflation was on the ECB’s worry-list when it kept rates unchanged for the third meeting in a row.
Amazing How Central Bank Money-Printing Reversed around the World after the Inflation Shock by Wolf Richter • Nov 27, 2025 • 80 Comments Balance sheets of the Fed, ECB, BOJ, BOE, and central banks of China, Canada, Australia, Switzerland, and India as % of GDP.
Amazing How the Money-Printing World Has Reversed by Wolf Richter • Oct 9, 2025 • 77 Comments Balance Sheet as % of GDP: Fed, ECB, BOJ, BOE, and Central Banks of Canada, Australia, New Zealand, and Sweden
ECB’s QT Has Knocked €3.28 trillion off its Balance Sheet (far More than the Fed’s QT) and Accelerated QT Further this Year by Wolf Richter • Oct 8, 2025 • 52 Comments Gold mark-to-market quarterly adjustment: +€158 billion for Q3 on gold’s price spike, largest ever write-up.
Bank of Japan Balance Sheet QT Accelerates: -$148 Billion in Q3, -$407 Billion fr. Peak. Will Sell ETFs, REITs. Sold all Bank Stocks by Wolf Richter • Oct 7, 2025 • 40 Comments Its holdings of commercial paper & corporate bonds are nearly gone. The BOJ is cleaning up its balance sheet.
Status of US Dollar as Global Reserve Currency: USD Share Plunges to Lowest since 1994, as USD Exchange Rates Tank, Central Banks Diversify by Wolf Richter • Oct 2, 2025 • 51 Comments The rise of the “non-traditional reserve currencies.”
ECB Balance Sheet: QT Assets Drop by €64 Billion in June, by €3.18 Trillion from Peak, to €3.98 Trillion, Lowest since June 2020 by Wolf Richter • Jul 10, 2025 • 25 Comments It also wrote down its €1 trillion in gold by €30 billion due to its price decline in euros in Q2.
The (Declining) Status of the US Dollar as Global Reserve Currency: Central Banks Diversify into other Currencies & Gold by Wolf Richter • Jul 9, 2025 • 105 Comments There was an extra-special spectacle in Q1 among the Swiss franc, Australian dollar, British pound, and Japanese yen.
Bank of Japan Balance Sheet QT: -¥12 Trillion in Q2, -¥39 Trillion from Peak, to ¥717 Trillion. Sold Nearly All its Bank Stocks by Wolf Richter • Jul 7, 2025 • 28 Comments Quantitative Tightening accelerated further. With its bank stocks gone, the BOJ may start selling its equity ETFs soon.
How the ECB’s Mark-to-Market of its Gold Holdings to €1 Trillion and €3.1 Trillion in QT Affect its Balance Sheet by Wolf Richter • May 28, 2025 • 46 Comments Under QT, the ECB shed €3.1 trillion in bonds and loans. Separately, it wrote up its gold assets by €409 billion, or by 68%, to reflect soaring gold prices.
