One of the men at the centre of the US Federal Reserve's debt-buying programme in 2009-10 used an op-ed in The Wall Street Journal yesterday to apologise for quantitative easing. He is not the only one with doubts on the policy.

In the Journal article, Andrew Huszar, a former Morgan Stanley managing director who joined the US Federal Reserve to manage its $1.25 trillion programme of mortgage-backed security purchases, argued that the US central bank has effectively become captured by Wall Street.