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Michael Howell: "QE Is Coming Back, Big Time"
Forward Guidance
The Fed's Net Net Liquidity
The Federal Reserve continues to do quantitative tightening, although its balance sheet did spike up in March and April. So what's been going on? Has the Fed net net added or taken away liquidity since we spoke in January? But I'll come back to the Fed question in a tick. The first thing is that we look at central banks. We're not really thinking about liquidity in the real economy. In actual fact, if money is in thereal economy, it is not in the financial markets.
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