David Beckworth
DavidBeckworth
This chart from https://www.ft.com/content/113529d8-cefb-41f1-a61d-cc12b194f685 is mind-blowing. It attempts to illustrate different recovery scenarios, but 5 of 6 show a return to the pre-crisis trend path! This didn't happen last time
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Congress is effectively using the Fed as an off-balance sheet means to get out more economic relief. The Fed, in turn, is using off-balance sheet SPVs to do the same.
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