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The Fed's Anti-Inflation Exit Strategy Will Fail

By Implode-Explode Heavy Industries

``The exit strategy is incomplete. Proponents are guilty of practicing economics without prices. They never say what the interest rate on reserves must be to get banks to hold the approximately $1 trillion of reserves above the minimum they're legally required to hold. That's the critical question. ''

Full post as published by Mortgage Lender Implode-o-Meter on January 28, 2010 (boomark / email).