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“Nightmare Scenario” For The Fed | Felix Jauvin
Forward Guidance
Quantitative Tightening
Quantitative tightening is effectively proceeding with bank reserves levels at $1 trillion above target and no excess. In this scenario, quantitative tightening can only last several months. If households are actually coming out and starting to allocate their money more so into T-bills, that's liquidity shifting away from those benchmarks. So I think Powell has plenty of levers he can pull to really drain that if he really needed to.
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