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Michael Howell: Can The Fed Keep Raising Rates During A Banking Crisis? | Michael Howell
Forward Guidance
Fed QT
The FOMC's own estimates of the terminal rate, which I think one would have inferred may have gone up a tad pre-the meeting was actually left unchanged. So it's sort of signaling that we are in my view somewhere near the peak in rate. That's at least as they see it. The other thing I think that comes out of this is really about the balance sheet. He sees this as being different. It's not an attempt to ease monetary policy. But what I would say is it probably results in an easing of monetary policy. And we've got to hope it's a quantitative easing.
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