What will it look like and what impact will it have?

Between them, the four global central banks - the US Federal Reserve, European Central Bank (ECB), Bank of Japan and Bank of England have spent about US$10 trillion on large scale asset purchases since 2009.  Now that the global economy is on a firmer footing, and risks of deflation have largely dissipated, the era of QE is set to come to an end.  This executive brief examines the impact reducing QE could have on the global economy and bond markets, and how interest rates normalization could affect commercial bank liquidity and asset quality.