The Fed’s Risky Fill-the-Punch-Bowl Strategy
6/8/21
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from The Wall Street Journal,
6/7/21:
Growth is surging, the housing market is hot, and inflation is on the rise. It’s time to pull back.
The Fed should change its policy regime. It should stop buying mortgage securities immediately. Soon after, it should slow its purchases of Treasury debt. It should not tolerate Fed-financed fiscal expansion. It should unlock the handcuffs imposed by its novel doctrine and render an informed and humble judgment on the state of the economy and the attendant risks to the outlook.
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