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Joseph Wang: Bonds Will Be Crushed By Stocks As Fiscal Deficits Reignite Inflation

Forward Guidance

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Federal Reserve's Interest Rate Policy and Balance Sheet Normalization

The chapter discusses the strategy and thinking behind the Federal Reserve's interest rate policy and balance sheet normalization, including the gradual reduction of balance sheet and tapering of quantitative tightening (QT). It provides insights into how these strategies might unfold in the coming years and explores the concept of 'ample reserves' in the Fed's operating framework.

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