- Predictable adjustments could improve market functioning
- Fed should clearly signal resolve to shrink balance sheet
- There may be benefits to announcing desired reserve levels as balance sheet shrinks
I like the recent turn from George into a bit of a renegade at the Fed. She dissented this summer because she didn't like the Fed shifting so quickly and disrupting markets. She's continued in that vain. I don't necessarily agree but a bit of open debate and shift away from the non-stop groupthink at central banks is refreshing.
