korrents

On the map

Tap a claim on the ring to put it at the centre.

← When the Fed buys long-term Treasuries under QE, issues overnight…

17 connected korrents · 14 moments from 19 Aug 2004 to 15 Oct 2026.

Everything filed under interest rates interest rates Everything filed under quantitative easing quantitative easing Everything filed under inflation inflation Everything filed under surgical outcomes surgical outcomes Same subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subject Read this korrent: When the Fed buys long-term Treasuries under QE, issues overnight debt, and passes the interest difference back to the Treasury, it is as if the Treasury issued overnight debt. When the Fed buys long-term Treasuriesunder QE, issues overnight debt, andpasses the interest difference back to theTreasury, it is as if the Treasury issuedovernight debt. Last stated 2 months ago 19 Sept 2026 JC John H. Cochrane — holds since 2026-09-19 — tap for who they are Same subject: A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it. — tap to centre the map on it A bank should be managed against thefat tails it can imagine, notagainst the stress test itsregulator hands it. Last stated a year ago 16 Jul 2025 JD Jamie Dimon — holds since 2025-07-16 — tap for who they are Same subject: A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. — tap to centre the map on it A central bank can eliminate aself-fulfilling ('sunspot') debtcrisis simply by credibly committingto buy as many bonds as needed atthe low interest rate. Last stated 4 years ago 1 Jun 2022 OB Olivier Blanchard — holds since 2022-06-01 — tap for who they are Same subject: A central bank can stop giving forward guidance without abandoning accountability for explaining its decisions. — tap to centre the map on it A central bank can stop givingforward guidance without abandoningaccountability for explaining itsdecisions. Last stated 2 months ago 20 Aug 2026 CS Claudia Sahm — holds since 2026-08-20 — tap for who they are Same subject: A central bank press conference exists for the chair to explain and answer for the committee's decision. — tap to centre the map on it A central bank press conferenceexists for the chair to explain andanswer for the committee's decision. Last stated a month ago 21 Sept 2026 CS Claudia Sahm — holds since 2026-09-21 — tap for who they are Same subject: A central bank's chair should act as the messenger for the committee's consensus, not for personal views. — tap to centre the map on it A central bank's chair should act asthe messenger for the committee'sconsensus, not for personal views. Last stated 2 months ago 20 Aug 2026 CS Claudia Sahm — holds since 2026-08-20 — tap for who they are Same subject: A Fed easing move being immediately followed by a sharp jump in long-term rates suggests the Federal Reserve has lost control over the narrative governing bond-market expectations. — tap to centre the map on it A Fed easing move being immediatelyfollowed by a sharp jump inlong-term rates suggests the FederalReserve has lost control over thenarrative governing bond-marketexpectations. Last stated 3 weeks ago 15 Oct 2026 BD Brad DeLong — holds since 2026-10-15 — tap for who they are Same subject: A fiscal expansion when the economy is already at potential output prompts monetary tightening that dampens or eliminates its effect on output. — tap to centre the map on it A fiscal expansion when the economyis already at potential outputprompts monetary tightening thatdampens or eliminates its effect onoutput. Last stated 4 years ago 1 Jun 2022 OB Olivier Blanchard — holds since 2022-06-01 — tap for who they are Same subject: A government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending. — tap to centre the map on it A government's debt dynamics are ahousehold's or a company's, exceptthat it can print money and tax --and those two powers are what changethe ending. Last stated 2 months ago 21 Aug 2026 RD Ray Dalio — holds since 2026-08-21 — tap for who they are Same subject: A ban on U.S. diesel fuel exports is more likely to raise prices than lower them. — tap to centre the map on it A ban on U.S. diesel fuel exports ismore likely to raise prices thanlower them. Last stated a month ago 23 Sept 2026 JM Josh Marshall — holds since 2026-09-23 — tap for who they are Same subject: A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. — tap to centre the map on it A company's staff-engineer barshould be set against the bestcompanies in the industry ratherthan against its own history, whichis what makes title inflation a realcost. Last stated 7 months ago 1 Apr 2026 TP Thuan Pham — holds since 2026-04-01 — tap for who they are Same subject: Adjusted for inflation, far more American families are now high-income and far fewer are low-income than in 1967. — tap to centre the map on it Adjusted for inflation, far moreAmerican families are nowhigh-income and far fewer arelow-income than in 1967. Last stated 2 months ago 16 Sept 2026 JH Jeremy Horpedahl — holds since 2026-09-16 — tap for who they are Same subject: Since the Global Financial Crisis, unconventional monetary policy has become the dominant force driving asset prices, more than fundamentals. — tap to centre the map on it Since the Global Financial Crisis,unconventional monetary policy hasbecome the dominant force drivingasset prices, more thanfundamentals. Last stated 2 years ago 24 Sept 2024 LA Lyn Alden — holds since 2024-09-24 — tap for who they are Same subject: Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. — tap to centre the map on it Aggressive quantitative easingshould raise long-term interestrates, because effective monetarystimulus raises them. Last stated 16 years ago 6 Sept 2010 SS Scott Sumner — holds since 2010-09-05 — tap for who they are SS Scott Sumner — no longer holds since 2010-09-06 — tap for who they are Same subject: Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government. — tap to centre the map on it Canceling government bonds held by acentral bank creates no fiscalspace, because the reduction ingovernment interest payments isexactly offset by an equal reductionin the profits the central bankremits to the government. Last stated 4 years ago 1 Jun 2022 OB Olivier Blanchard — holds since 2022-06-01 — tap for who they are Same subject: A single risk-adjusted summary of a surgeon's results risks giving spurious credibility to analyses that ignore non-patient influences. — tap to centre the map on it A single risk-adjusted summary of asurgeon's results risks givingspurious credibility to analysesthat ignore non-patient influences. Last stated 22 years ago 19 Aug 2004 DS David Spiegelhalter — holds since 2004-08-19 — tap for who they are Same subject: A surgeon's performance cannot be separated from that of the institution because quality depends heavily on institutional systems. — tap to centre the map on it A surgeon's performance cannot beseparated from that of theinstitution because quality dependsheavily on institutional systems. Last stated 22 years ago 19 Aug 2004 DS David Spiegelhalter — holds since 2004-08-19 — tap for who they are Same subject: Casemix makes it unwise to publish surgeons' unadjusted mortality figures for comparison. — tap to centre the map on it Casemix makes it unwise to publishsurgeons' unadjusted mortalityfigures for comparison. Last stated 22 years ago 19 Aug 2004 DS David Spiegelhalter — holds since 2004-08-19 — tap for who they are
same subject or similar wordinga cloud: claims about one subject, named for itbar: when it was last stated, on a scale from 2004 to today (stretched back to the oldest claim here) — full is todaya face: someone who holds the claim — tap it for who they arefaded, dashed ring: they no longer hold it — they changed their mind

At the centre When the Fed buys long-term Treasuries under QE, issues overnight debt, and passes the interest difference back to the Treasury, it is as if the Treasury issued overnight debt. Last stated 19 Sept 2026 · 2 months ago Holds John H. Cochrane Read this korrent →