- QE step in right direction
- Ultimate effects likely to be relatively modest
- Buying $600 bln in bonds a significant supplement to low-rate promise
- Troubling that inflation drifting downward
He has a point about the inflation concerns being way over blown. So long as the money “printed” by the Fed sits as excess reserves at the Fed it can not cause inflation. It also can’t do a damn bit of good, but that’s a separate argument all together….