by WSJ op-ed by Art degree monetarist former Fed nominee Shelton wondering where the Fed is going to “get the money!” to pay the IOR and RRP interest…This could be the start of the political shitstorm over this topic we’ve been looking for here at MNE for quite a while now…this could be right from Mikes stuff: “The tricky situation the Fed now faces is that its own net interest income—6.8 billion in 2021, of which 93% was remitted to the Treasury—will soon be exhausted by the higher interest rates it intends to pay on those combined cash funds.”From @WSJopinion: It would be good to hear some plain-English answers from Chairman Powell—who earnestly vowed to foster a public conversation about what the Fed is doing—at Wednesday’s press conference, writes @Judyshel https://t.co/DbGR7KXcUL—
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WSJ op-ed by Art degree monetarist former Fed nominee Shelton wondering where the Fed is going to “get the money!” to pay the IOR and RRP interest…
This could be the start of the political shitstorm over this topic we’ve been looking for here at MNE for quite a while now…this could be right from Mikes stuff:
“The tricky situation the Fed now faces is that its own net interest income—$116.8 billion in 2021, of which 93% was remitted to the Treasury—will soon be exhausted by the higher interest rates it intends to pay on those combined cash funds.”
From @WSJopinion: It would be good to hear some plain-English answers from Chairman Powell—who earnestly vowed to foster a public conversation about what the Fed is doing—at Wednesday’s press conference, writes @Judyshel https://t.co/DbGR7KXcUL
— The Wall Street Journal (@WSJ) July 26, 2022
Mike with a breakdown from yesterday:
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