Warsh’s Reality Check: The Fed Balance Sheet
The Fed still holds $6.3 trillion in Treasuries and mortgage-backed securities, well above pre-pandemic levels. This week on the Basis Points podcast, Kevin Flanagan explains why a Warsh-led effort to shrink the Fed’s balance sheet, especially $2 trillion in mortgage-backed securities, may be far more complicated than the rhetoric suggests.
Basis point: 1/100th of 1 percent.
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The skinny
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