Fed stealth liquidity may presage early rate cuts
Commercial bank cash assets, representing reserves held at the Fed, reversed its down-trend after September 2022 -- when the UK gilt crisis occurred -- and is now edging higher, reflecting stealth liquidity support from the Fed and Treasury.
Fed QT is reducing liquidity at the rate of $95 billion per month but the effect of discount lending and reduction of RRP facilities means that net liquidity is increasing...
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