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Fed considers another mechanism for 'tinkering' with markets
Fed Is Looking at a New Program that Could Be Another Version of 'Quantitative Easing'
By Jeff Cox
CNBC, New York
Monday, April 29, 2019
Federal Reserve officials are considering a new program that would allow banks to exchange Treasurys for reserves, a move aimed at ensuring liquidity during difficult times that also would help the central bank decrease the size of its nearly $4 trillion balance sheet.
The so-called standing repo facility is in its early discussion phases. Respected St. Louis Fed economists David Andolfatto and Jane Ihrig have authored two papers on the plan, which they say would ease the regulatory burden for banks that feel pressured into holding ultra-safe assets.
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In some quarters the idea is viewed as a natural extension of current Fed policy. Others, though, think it in essence could be a repackaged form of quantitative easing and thus yet another iteration of the Fed's decade-long tinkering in financial markets. ...
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