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The Tell: How the ‘great central bank unwind’ could ignite the next financial crisis

As the Federal Reserve prepares Wednesday to start gradually paring the size of its $4.5 trillion balance sheet, analysts at Deutsche Bank warned that what they have dubbed the “great central bank unwind” is one of several candidates for creating the next financial crisis.

“When looking for the next financial crisis, it’s hard to escape from the fact that we’re seemingly in the early stages of the ‘great unwind’ of global monetary stimulus at the same time as global debt remains at all-time highs following an increase over the past decade—at the government level at least—which has been unparalleled in peacetime history,” wrote strategists led by Jim Reid in an 88-page study entitled, “The Next Financial Crisis.

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