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Deflationary Decade? Fed Prepares Vacuum Cleaners

That's not the correct method of calculation. And that's not even the correct series. And even those figures are misleading, i.e., for the payment of interest on reserves. These IOR's do not function as excess reserves (or liquidity reserves), they are, if anything, equivalent to the "trading desk's" open market sales.

Excess reserves are now truely "sterile". They were never, previous to the IOR regime - sterile.

Economists get a grip.