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Could It Turn Out to Be the Fed's 'Operation Twist of Fate'?


Oddly, given the convergence of many significant factors, it's quite possible -- completely contrary to prevailing viewpoints -- that the Fed's actions may have been too restrictive.

Reserve Bank Credit

This one's a stunner. While it's true we had a massive injection during mid- to late-2008, we have actually moved into negative territory recently.

And, finally, the complicated and rather esoteric stuff

It's only since mid-summer 2009 the Fed has been active in the mortgage-backed and related derivatives markets, accumulating those things on its balance sheet. That's why I've left the time line the same as with the above, so you can see the large "blank" period when they weren't doing anything.

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