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The Fed's Pivot: The Return of Easy Money and the Inflation Storm Ahead
Speaking at the National Association for Business Economics conference in Philadelphia recently, Powell said:
"Our long-stated plan is to stop balance sheet runoff when reserves are somewhat above the level we judge consistent with ample reserves conditions. We may approach that point in coming months."
Translation: the money printer is warming back up.
Now, if you've been paying attention, this shouldn't come as a surprise. The playbook has been obvious for a while—first come the rate cuts (happening now), then they stop quantitative tightening (Powell just confirmed this), and then comes quantitative easing, or good old-fashioned money printing, probably sometime in early 2026.
What's forcing their hand?