Does it matter that central banks are losing squillions?

The QE flipside — red ink everywhere

Originally published in the Financial Times on February 1, 2023.

There have been a lot of red faces in the asset management industry lately, with Tiger Global alone incinerating almost $18bn in 2022. But you know who really sucks at investing? Central banks.

Take the Federal Reserve, for example. Chair Jay Powell had the Fed gobbling up almost every bond…