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LOCKED Part I: The End of the Basle 3 “Endgame” and What That Means for Macro

  • Despite buying 40bn T-Bills, the Fed is travelling to a far smaller balance sheet
  • This requires ongoing regulatory relief and is a policy of monetary expansion
  • There is a clear historical analogue in the late 50s - early 60s
  • The shift has far-reaching micro and macro implications

 

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