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What the Fed’s Rate Decision Will Mean for Markets | Andy Constan

Hidden Forces

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The Effects of Quantitative Tightening on the Economy

TGA is the Treasury General account. It's where the Treasury keeps money that it gets from sales of US Treasury securities. And so if you look at the effects of quantitative tightening, they've really been in a meaningful way sterilized by this TGA drawdown. Now, in addition, the government over the last year has run roughly $1.2 trillion in deficit. That money also has stimulated the economy because public sector spending, deficit spending is stimulative.

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