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Michael Howell: Can The Fed Keep Raising Rates During A Banking Crisis? | Michael Howell
Forward Guidance
Fed Balance Sheet - What's the Minimum Operating Level for Reserves?
Prior to this crisis, the Fed was operating bank reserves at about $3 trillion. Since the British guilt crisis in September of last year, that reserve number on the Fed balance sheet has flatlined at $3 trillion and will have to go up anyway. So is this QE or not? In my view, it's a liquidity easing. And that's what the system wants. Okay, whether it has a big multiplier effect on the economy is a completely different question. But the Federal Reserve has backstopped the system, which is what it's doing. And it's done it, I think, very effectively.
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