The TAF frenzy

02/29/2008 Mises Wire Jeffrey A. Tucker

A wild debate has broken out at the WSJ blog concerning whether borrowings from the Fed’s new Term Auction Facility is or isn’t inflationary. The background is that since December, non-borrowed bank reserves have plummeted while borrowings from the Fed’s TAF have soared. The debate concerns what all this means. Mark Thornton will offer his analysis on Monday.

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