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The Fed, the plumber of last resort
In just a few weeks, the Fed's balance sheet increased by $Â 2.4 trillion, i.e. more than 10% of US GDP. This is an unprecedented expansion, designed to satisfy demand for the asset deemed to be the safest and most liquid in times of stress, the dollar. The Fed has no limits to creating dollars. From the experience of 2008, we learned that there was nothing inflationary about it in times of crisis. To date, three-quarters of the increase in the balance sheet has come from purchase...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bruno Cavalier
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