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Michael Howell: Can The Fed Keep Raising Rates During A Banking Crisis? | Michael Howell
Forward Guidance
Is This a Funding Crisis?
The US banking system is underwritten by the Treasury. The banks have been bailed out and they've had liquidity. But at the end of the day, they are then being subservient to governments. Banks will use that balance sheet to actually hold more government debt. And what we're likely to see coming out of this crisis is a significant increase in the size of the Federal Reserve balance sheet.
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