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Fed Will Hike Rates Into Economic Train Wreck | Danielle DiMartino Booth
Forward Guidance
The Fed's Non-Reinvestment Is Reversed in Real Time
The global impulse right now is disinflationary. Janet Yellen is no longer spending money out of the Treasury general account. She's refilling it. The bump that we saw in M2 growth here in the United States in the month of May is being reversed in real time, which you see in the weekly data from the Fed. Other deposits liabilities has resumed its contraction. You're going to see another $50 billion come off that balance sheet when it comes out the Thursday after July 4th.
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