Fed assets as a share of US GDP fell to 21%, the lowest since 2020. ECB assets dropped below 40% of eurozone GDP for the first time since Q1 2020. BOJ assets fell to ~103% of Japanese GDP, the lowest since 2020. BOE assets fell to ~21% of UK GDP, the lowest since 2016. The data reflect the unwinding of pandemic-era stimulus across the four largest central banks.
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