| http://www.w3.org/ns/prov#value | - Another way of describing what happened is that the Fed exchanged $1 trillion in bank reserves for $1 trillion of MBS. Since those bank reserves are functionally almost identical to T-bills (they pay about the same rate of interest and they are virtually default-free), we might say that this operation was the equivalent of the U.S. government selling T-bills to the public and using the proceeds to
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