The Fed's Not Enough Quantitative Tightening

The spread of fanny currant coupon mortgage rate to the ten year swap rate went to its widest level ever back a month and a half ago. The move index, right suretern val index, created by harley basman, who's a really smart guy, that went to its highest level since the global financial crisis. So they wanted to avoid a tap taper tantrum, but they got an even bigger one than 20 13 by doing things this srude way which was to jack up the funds rate and barely touch their balance sheet at all. And once you have intrest on excess reserves and you've you've made a floor system, it doesn't matter any more what you