Unintended shock vs intended deal

 

Fed, IMF Sound Warning That More QE Could Lead To "Unintended Consequences"

Something just outside the Overton window for Fed minutes.

A split in the chain, that is the best sandbox interpretation. So, open the bidding, this is no big deal.

Conjuring ghosts is no help. Look at the cost benefits of unintended vs intended, find the suitable margin, bid a deal.

I have Drum at a half point GDP, absolutely max. My numbers come in at one to one and a half, and Powell thinks two. My anarchist self is going with Powell, minus the monopoly fee. Treasury get a mean 1.5 percent inflation tax, plus a tiny monopoly fee from the Swifters. Swifter agree to bounded, Due Process banking.

This is about sandboxers buying off the whale.  Central baking cannot free Swifters until the Fed tax issue is settled. Sandbox is neutral, we can run with a double spender in Treasury, don't bother us. So, Swifters make the deal and jump on in.