2min chapter

Forward Guidance cover image

There Are No Doves Left At The Federal Reserve | Nick Timiraos

Forward Guidance

CHAPTER

Powell's Order of Operations

There's not going to be an environment in which rates continue to go up, but QT stops. As they've articulated their reaction function, that's been their order of operations. Of course, this time you do have the standing repo facility, which some people have argued gives them maybe more room or less concern about running down reserves.

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