re: Do experts on the money board agree with what the feds did today?

No sir, I would not want to be importing food and energy. But here’s why Japan is important to our position. When food/energy inflation reaches a certain level they are forced to sell treasuries to buy oil. Yields go up domestically and the Fed and Treasury have to react. Janet can go back to the short end on new issuance and they can make USTs permanently exempt from SLR requirements. The banks sent a letter to the Feds a few weeks ago begging for it. That will postpone yield curve control but won’t ultimately prevent. That’s where we’re headed eventually.