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Sign InThe Fed is set to ease monetary policy by lowering the federal funds rate this week, but it will still be tightening policy by shrinking its balance sheet. However, as Eric explains, quantitative tightening hasn't been very effective—reserves are much higher today than pre-pandemic. Has the Fed really tightened policy that much, and what will happen when it ends QT? … Also: the investment opportunity represented by mortgage-backed securities. … And: Where BOJ policy may be headed and what it means for the yen.
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