The US Federal Reserve last night announced its decision to initiate a fresh round of quantitative easing. The aim was to inject more money into the system. But not everyone has been so impressed. In fact, Toby Nangle, director of the multi asset and fixed income teams, Baring Asset Management, explains why he thinks the move is “one of the greatest policy mistakes in the Fed’s history”.

"Last night the Federal Reserve moved to announce that it will embark on a second wave of quantitative easing (QE) in the United States, injecting fresh money into the system by purchasing US$600bn worth of US government bonds over the next eight months.