US Fed QE Needs to Restart Fast
America, China, and the Death of the International Monetary Non-System - American Affairs Journal
Russell Napieramericanaffairsjournal.org
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