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Ambrose Evans-Pritchard: Is the Fed quietly abetting a reckless monetary and fiscal boom?
By Ambrose Evans-Pritchard
The Telegraph, London
Thursday, October 30, 2025
If you thought quantitative easing was dead and buried, you may soon be in for a shock.
The U.S. Federal Reserve is preparing the ground for a rapid return to net bond purchases, deeming it necessary to ensure sufficient liquidity for the financial system.
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It will not be called QE. It will be deemed open market operations -- TOMO or POMO in the obfuscating vernacular -- and will be presented as a technical adjustment to manage bank reserves and the plumbing of the credit markets.
Krishna Guha and Marco Casiraghi from Evercore ISI expect the Fed to start mopping up a net $35 billion of U.S. treasury debt each month as soon as January, or March at the latest.
Mark Cabana, who managed QE at the New York Fed before joining Bank of America, says liquidity has dried up and the Fed will soon have to buy $150 billion of debt to stabilise the money markets. ...
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