What Was Happening at the TGA Account at the Time?

The USTGA account actually rise up to $1.5 trillion at the time. This was also around the same time that Jerome Powell started to come out and say, we could retire the word transitory and sort of inflation. So what this did is that it allowed them to effectively sterilize a ton of liquidity out of the market as they were drawing down the TGA account. That would just make things worse at a time where CPI was rising significantly.

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