A long-term member of the Federal Open Market Committee (FOMC) today criticised the Fed's policy ‘normalisation' plan for jeopardising half-a-century's worth of established practice and blurring the lines between fiscal and monetary policy.
The FOMC published principles setting out how it intends to normalise US monetary conditions following years of ultra-loose policies on Wednesday, revealing it does not expect to sell mortgage-backed securities (MBS) as part of the process.
Today, Jeffery Lac
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