Damus
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Marty Bent
@MartyBent
A pursuit of "moderate long-term interest rates" is also referred to as yield curve control, and when governments and central banks commit to yield curve control it represents a point of no return from a policy perspective.

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Benking · 22w
Exactly👌🏾once a central bank locks itself into yield curve control, it’s essentially committing to perpetual balance sheet expansion to suppress rates. At that point, the exit doors are gone, any attempt to normalize policy would trigger disorderly repricing across the curve.