I wrote this (published) paper on 0 rates 15 years ago.
The trimmed Fed forecasts are confirming the ‘tax’ aspect of QE?
The $80+ billion the fed turns over to the tsy each year would have otherwise been earned by the economy.
It’s all confirming my suspicions that the Fed has been stepping on the brake when it thinks its stepping on the gas.
And when it ‘doesn’t work’ they just step on it that much harder.
Tragically, after all these years and with all the hard evidence in our face we continue to have both fiscal and monetary policy backwards.