Tag Archives: U.S. monetary policy

Orwellian Monetary Policy

Posted on May 14, 2017 by macromon

“Tightening is Easing” Since U.S. monetary policy began tightening in December 2015, the Fed has added liquidity to the financial system through interest payments to banks on excess reserves and has reduced its surplus to the Treasury adding to the … Continue reading →

Posted in Budget Deficit, Interest Rates, Monetary Policy, Uncategorized | Tagged | 38 Comments

QE and the “Crowding Out” of the Bond Market Vigilante

Posted on September 29, 2011 by macromon

We’ve updated our chart of the sources of financing of the U.S. budget deficit from the Fed’s Flow of Funds data released on September 16th.   The chart illustrates how the Fed and foreign central banks have been indirectly fully … Continue reading →

Posted in Black Swan Watch, Bonds, Budget Deficit, Charts, Fiscal Policy, Monetary Policy, Sovereign Debt | Tagged , , | 5 Comments