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Hello and welcome to another episode of the Odlots podcast. I'm Tracy Alloway.

And I'm Joe Wycenthal.

Joe, I feel like it's an interesting time to be a central bank.

I mean, yeah, it always is, but I think particularly interesting right now, because the scope of

new challenges, new economic conditions, new forces on sort of like how banking and money

and markets work. Lots of new stuff right now. Lots of new territory.

Yeah, so not only are central banks responding to an exceptionally unusual economic crisis in the

form of a global pandemic, which basically led to the shutdown of the entire economy last year,

but they're not now all reacting sort of differently to the recovery. So for instance,

we saw the Fed coming in more hawkish than expected last week, but it's still basically on hold

for the foreseeable future. You have Brazil delivering successive rate hikes to deal with inflation.

China is sort of winding down some of its easy monetary policies. The ECB hasn't even started

tapering or even talking about tapering at this moment in time. So you have all these central

banks sort of going off and doing their own thing, trying to respond to this very new environment.

...