“Analysts at London-based CrossBorder Capital argued that the “quantitative liquidity dimension” is being overlooked, with the Fed’s balance sheet reduction — or quantitative tightening — having an asymmetric impact on the economy. The U.S. Federal Reserve last week struck a hawkish tone on combating inflation via monetary policy, but analysts are concerned about the potential threat of its persistent tightening strategy.”
USAGOLD note: Cross Border goes on to call QT “a wrecking ball” that “should spook markets.” That wrecking ball process, we add, might have already begun judging from the rapid advance in Treasury yields over the past week.
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