My point is that the 5 billion less which the FED may decide to purchase (or not) is so pitiful in the greater scheme of things. Policy decisions already made and the unbelievable size of the FED's balance sheet, the amount of debt which needs to be rolled and financed this year... the size of China and Japan's holdings ALL look so much more significant than the piddling 5 billion in Treasury purchases which may or may not be adjusted at the next FOMC meeting.
ib, just keep telling yourself the TAPER is only a trillion dollars
Paris ib 13:13:52 GMT - 03/17/2014
This Macleod (see previous link I posted) posits that bank credit in the United States has fallen quite sharply in recent weeks and this may encourage the FED to pause the Taper. I am of the view that they have no choice but to continue to Taper. To do otherwise would eventually put the USD in grave danger (which in point of fact it is anyway but hey.... trying to delay the inevitable is part of human nature).
The consensus is what? Another 10 billion (5 for mortgage backed securities 5 for treasuries)? With no significant market impact? Right now I think the taper is a side show. I don't think the FED is in control of anything. But that's just my view.
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