The Treasury could make QE exit faster and smoother

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Worries that central banks will mess up the exit from their quantitative easing (QE) policies continue to haunt markets. Some fret that central banks will grasp any excuse to delay reducing their balance sheets. Although many such criticisms betray a lack of understanding about QE, central banks should take these concerns to heart. The more quickly they slim their bloated balance sheets, the better for public confidence in central banks.

There is a simple way to start (and, once started, go

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