When Quantitative Tightening Is Not Quantitative Tightening
from the St Louis Fed
– this post authored by James Bullard, President and CEO
After a lengthy period of operating at the zero lower bound and three rounds of large-scale asset purchases, the Fed began its normalization of monetary policy in recent years. Specifically, the Federal Open Market Committee (FOMC) has raised the policy rate (i.e., the federal funds target rate) by 2.25 percentage points from December 2015 to the present. In addition, since late 2017, the FOMC simultaneously has reduced the size of the Federal Reserve’s balance sheet.[ 1].
Source: http://econintersect.com/pages/contributors/contributor.php?post=201903190526
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