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Adjusted reserves of the banking system which have varied from 60 to 70
billion for the last 3 years(except during Y2K) grew from 68 bil on
September 5 to 107
billion on September 19. (These are the Fed StLouis measures of the
required reserves need by the banking system to support their
deposits.) I would say the FED has taken out all the stops and intends
to dramatically stimulate the economy with money.
It is my feeling (I would love feedback on this) that money has been
tight despite declining interest rates. Declining interest rates do not
necessarily make money loose. I suspect we have just seen a major
change in FED policy.
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