Chan, the JP Morgan economist, says the full benefits from the central bank's bond-buying have yet to be seen.
"We're not really done with QE2 yet," Chan says. Even after it spends the last of its $600 billion on Treasurys this month, the Fed will continue to invest the cash it gets from bonds coming due every month. And with the Fed keeping all the bonds it bought, the low borrowing rates available to banks may prod them to free up more cash for small business lending and other loans.
"The Fed can support growth without lifting a finger," Chan says.
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