In this presentation, we analyze the asset side of the balance sheets for the Federal Reserve, the European Central Bank (ECB), and the Bank of Japan (BOJ). This is a timely discussion, as central banks the world over are seemingly preparing to embark on their next easing-cycle. During this presentation we look at the history of these balance sheets and focus closely on quantitative easing, QE. We begin with a question and end with a question – Are Central Banks Trapped?