QE to Infinity or Bust

If QE targeted at agency debt is deemed to be unsuccessful the Fed can, under the provisions of Section 13.3.A, determine that "unusual and exigent circumstances" exist, which allow it to accept any form of collateral.

I don't know if this will be required, but it is important for investors to be aware of this and stop thinking about what the limitations on the Fed are. For practical purposes there are none.

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