The Fed's Thinking About Unwinding Their Balance Sheet

I think these are, you know, the efficacy of the policy waning and potentially creating uncertainty. Given Janet Yellen's background in particular is a labor economist, I wouldn't be at all surprised that she's taking a relatively conventional view of the inflationary process. If they don't want to be behind the curve, that they have to move sooner as opposed to later. It may be that sort of looking at some of these financial variables are starting at the death level, that they're starting to say to themselves, we've got to head this off.

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