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Has the Fed Abandoned Risk Assets? | Joseph Wang
Forward Guidance
The Fed's Reverse Repo Rate
When the Fed does QE, it's increasing the level of reserves in the system. Bank reserves are digital cash. If you are a bank and you have $100 in reserves, you call up the Fed and they'll swap in for $100 in currency. So now we're going to reverse that. Usually that's not good for risk assets because when you have a lot of bank deposits in the system, people go and they kind of rebalance.
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