Central banks face a year of mounting challenges

Mohamed El-Erian | Allianz | 13 January 2020

After a year that involved one of the biggest U-turns in recent monetary policy history, central banks are now hoping for peace and quiet in 2020. This is particularly true for the European Central Bank (ECB) and the US Federal Reserve (Fed), the world's two most powerful monetary institutions. But the realisation of peace and quiet is increasingly out of their direct control. Their hopes would easily be dashed if markets were to succum...