The Federal Reserve’s “Operation Twist” has set the literary- and musical-allusion juices flowing.  It is all about the Fed selling or not rolling over short-term debt and buying long-term bonds instead in order to keep borrowing costs low.

But that is frightfully dull for economists, analysts and reporters trying to get attention for their work. So, so far we have heard:

The European Central Bank is off and running with its tightening cycle — raising by 25 basis points last week and talking in tongues enough to persuade markets that another hike is coming by July.  At the same time, the Fed — despite some hawkish comments recently about QE — isn’t seen actually tightening for some time. Next year, actually.

Bank of America-Merrill Lynch is now wondering whether there is something wrong with this. ” Surely one of these central banks is heading to a painful policy mistake? ” it says.