Jesse Felder writes in The Felder report
“Stepping in as lender of last resort to the banking system is what the Fed was intended for. Stepping in as the lender of last resort to the Federal Government is now what the Fed is being used for.
To be sure, this is outright monetization of the debt, without any other intended purpose. This may be why the dollar has taken a dive this month. Keep a close eye on it and the long-end of the bond market. If the dollar and long bonds both begin to fall together it may mean the markets have figured this out.”
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