Since October 2022, the Fed and Treasury seem to be cooperating behind the scenes - easing quantitatively while raising rates to keep inflation under 3% without impacting people. The Fed cutting its MBS holdings, Treasury issuing short-term debt frequently. Congress smoothly raised the debt ceiling, government increased spending. The close coordination between Fed and Treasury helped the US avoid high unemployment and wage declines for now, but long-term effects of inflation remain to be seen. Copy

自去年十月開始,聯儲局和財政部似乎暗中協調,一邊進行量化寬松,一邊提高利率,力圖在不影響百姓的情況下將通貨膨脹壓至3%以下。聯儲局缩表减持抵押基金,而財政部則頻發短期国債并提高政府預算開支。同時國會又順利提高債務上限。這種聯儲局與財政部的緊密配合,使美國避免了高失業和工資下降等后果,可以視為一場典雅的雙人舞,但通脹的長期影響仍需拭目以待。