The semantics are papering over the fact that the Fed appears to be committed to supporting repo liquidity and behind that, massive US debt issuance. While still tinkering with adjusting balance sheet rules to give large UST holders more liquidity, the Fed appears to be playing to the optics of less liquidity provision while at the same time keeping the doors wide open. There may be a bump or two in the road ahead but by and large, Big Fed looks like it is here to stay.
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