August 03, 2009

So far we have to give the Fed good marks. However, going forward we have some concerns. Our reasons are simple. In the process of dealing with the crisis, the Fed expanded its balance sheet by leaps and bounds. The question is whether the Fed will fully unwind these positions. We think not.

You must have an active account to view these reports. You may register for a trial here

Download Complete Report in PDF Format

Download Complete Report in Word Format