Jeanna Smialek on *Limitless: The Federal Reserve Takes on a New Age of Crisis*
Macro Musings with David Beckworth
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The Fed's Losses in the Balance Sheet
I'm going to go out on a limb here and say this may be an issue moving forward. If in fact this becomes political, the central bank balance sheet losses around the world might there be a move to something like a tiered reserve system where only some of the reserves are very mutilated? I've seen this suggested and maybe it's the fringes of the mainstream that I'm following but it'll be interesting to see if that does happen. And then I don't think anything fundamentally changes about what they did to the 2020 framework. It could be the case that inflation is really sticky and that we have to really hurt the job market in order to bring it down. That's another
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