I have been reading many claims in many places lately that “The Fed is pumping M3″. Others claim that Fed Open Market Operations (repos and coupon passes) are purposely being used by the Fed to fuel the stock market. Others still point to manipulation in gold. This post attempts to look at those claims.
Let’s start with An Examination of Interest Rate Targeting, a 108 page PDF study of Open Market Operations in Australia by Liam J. O’Hara. The study was specific to Australia but it applies equally to the FOMC. Don’t worry, I condensed the highlights down to a single […]
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