Andy Costan Interview on Blockmacro

Transition to QT Framework: QT is about reversing QE’s excesses and restoring balance-sheet normalcy.

QT 1.0 mostly let the portfolio “run off” (without reinvestment) but was muted by Treasury issuance patterns.

QT 2.0 takes a more active role—it seeks not only to shrink the balance sheet but also to alter its composition by favoring short-term reinv

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