World Monetary Policy Stance May Not Be as Easy as It Appears

Monetary policy could be tighter than it looks as the pace of government borrowing eclipses the record stimulus of central banks.

The Federal Reserve’s massive asset-buying program hasn’t been matching the surge in U.S. government debt issuance, Goldman Sachs Group Inc. calculates. And it’s much the same with other nations, with only New Zealand set for a net decline in publicly held debt outstanding.