FOMC: Hardly Tight, Hardly Loco
The data speaks for itself.
The real effective Fed Funds rate (REER), the Federal Reserve’s target rate on overnight commercial banks funds less CPI year-on=year change, remains negative for the 36th consecutive month.
The REER has been negative during 87 percent of the months since the beginning of 2008, and 65 percent of the months this century!
What’s getting tight is the liquidity withdrawal from the decrease in the Fed’s balance sheet, which is projected by the red bars in the below graph, and that only includes the Treasury runoff and not the SOMA MBS book.
Source: https://macromon.wordpress.com/2018/10/15/fomc-hardly-tight-hardly-loco/
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