On rates, I believe the rates track the monetary policy, they can't jack up interest rates to 5% and pay 0.5% on bank reserves. Not the least because that would

On rates, I believe the rates track the monetary policy, they can't jack up interest rates to 5% and pay 0.5% on bank reserves. Not the least because that would create big holes in private banks p&l. On QE unwind, I think it is more a political pressure and damage control to the economy than convenience.