I have overcaffeinated and said the wrong thing. What I meant was: What do you mean? Fed has been lowering rates and reducing the balance sheet for the last 12

I have overcaffeinated and said the wrong thing. What I meant was: What do you mean? Fed has been lowering rates and reducing the balance sheet for the last 12 months: https://fred.stlouisfed.org/graph/?g=1Mcbz https://fred.stlouisfed.org/graph/?g=1Mcbz