However, market onlookers are changing the shape of what they expect the Fed to deliver and rather than expanding their balance sheet, investors are sensing that the central bank might rejig the composition of its holdings in an effort to deliver borrowers with more attractive financing options.

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The privately owned gold held in Turkish commercial banks has shown up on the balance sheet for the central bank, resulting in news reports of inflated official-sector reserves in the country, the consultancy said.

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Nor will our central bank seek once again to dramatically increase the size of its balance sheet.

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Providing unlimited liquidity to Cyprus would expose the European Central Bank's balance sheet to risk, particularly if Cyprus does end up crashing out of the euro.

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Germany was said to be more comfortable with this idea, since it didn't involve any central bank financing governments directly, and it would formally keep the credit risk off the balance sheet of the ECB.

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Indeed, the yen's previous rise partly reflects the Bank of Japan's reluctance to expand its balance sheet as much as the Fed, BOE, or the European Central Bank.

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