The heads of the Federal Reserve, European Central Bank, Bank of Japan and Bank of England have recently made clear they intend to continue to implement policies of extreme monetary accommodation. The Fed has said that, if the economy progresses as expected, the last bond purchase under the current quantitative easing programme that started in September 2012 will be in the month after the October 2014 meeting of the FOMC. But this had long been expected and does not represent a tightening of