The Fed’s Focus On The Wrong Thing: RRP

You cannot solve current problems with current thinking. Current problems are the result of current thinking- Albert Einstein (paraphrased)

From the lack of recovery in the labor force participation rate, money velocity, and loan growth, we can see that the Fed’s enthusiastic printing of bank reserves has not addressed serious problems in the economy.

This in turn suggests that the Fed’s current policy framework is ineffective at best, and invalidated at worst.

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