Powell saying this week that IOR is here to stay as a permanent policy... potential board nominee (Sally Field???) perhaps saying otherwise...
Important: Chair Powell just did a major defense of IOER (interest on excess reserves). Trump Fed nominee Judy Shelton says her No. 1 priority is to get rid of IOER.— Heather Long (@byHeatherLong) July 10, 2019
Powell: "This is our principal tool for implementing monetary policy: IOER."https://t.co/Mg0R49bEsX #Fed
Unqualified Journo throws in the obligatory figurative language and then makes the resultant usual reification error(s):
When the Fed raises interest rates, banks typically want to keep more excess reserves parked (Figurative Language) at the central bank. And when the Fed lowers rates, banks typically want to take (reification error) some of the excess reserves they were holding (reification error) at the Fed and lend them (reification error) to homeowners and small businesses.
The use of the figurative "parked!" is causing then the series of reification errors... they all do this all the time... the causal chain is: 1. improper employment of figurative language leading to 2. a series of reification errors... rinse and repeat (ALERT: figurative language ie dont any morons reading this go and shampoo their hair LOL!!!)
