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The Fed's balance sheet has actually been contracting at an annualized pace of 6% this year,...

The Fed's balance sheet has actually been contracting at an annualized pace of 6% this year, notes Andy Lees. Lees, however, may draw the wrong conclusion, saying the decline "does not seem indicative of the Fed about to launch (QE)." Instead, one might think a shrinking balance sheet is raising alarms at the Fed, which will now want to launch QE to reverse it.
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