Peter Stella on Fed Losses, Backdoor Fiscal Stimulus and Credit Easing
Macro Hive Conversations With Bilal Hafeez
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The Treasury's Realization of the Fed's Not Paying Needs
The Treasury has been getting about $100 billion in dividends from the Fed every year for a decade or so. And now the Fed will not be giving a dividend to the Treasury for, you know, three, four, five years. So one shade would be that the Treasury's realized so the Fed basically will not pay need to. The other is to actually interfere with the execution of policy or the instruments.
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