Bernanke, and later Yellen, said these unconventional QE policies were temporary. That the Fed’s massive balance sheet expansion would later be normalized. Similarly, when Nixon suspended convertibility of the dollar into gold on August 15, 1971, he said it was temporary.
But once a cucumber becomes a pickle it can never be a cucumber again. Indeed, financial markets have been pickled over to no end. What’s more, Fed Chair Powell’s efforts to unpickle QE were met with howls from the President, Wall Street, and Larry Kudlow.
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