The global shift away from easy money is poised to accelerate as a pandemic bond-buying blitz by central banks swings into reverse, threatening another shock to the world’s economies and financial markets. Bloomberg Economics estimates that policy makers in the Group of Seven countries will shrink their balance sheets by about $410bn in the remainder of 2022. It’s a stark turnaround from last year, when they added $2.8tn — taking the total expansion to more than $8tn since Covid-19 arrived. That wave of monetary support helped prop up economies and asset prices through a pandemic slump. Central banks are pulling it back — belatedly, in the view of some critics — as inflation soars to multi-
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