Hoey on QE: It's About Manipulating Long-Term Interest Rates


A panel on CNBC's Squawk Box discusses when QE will finally come to an end.

DICK HOEY: It's about manipulating long-term interest rates. If I manipulate securities prices, that's called a crime. If Ben Bernanke manipulates long-term treasury prices, that's called monetary policy. What we have is a normalization of long-term interest rates from a manipulated price to a free market price and it's the detail of which month they actually withdraw that quantitative easing is a detail. The point is, we're going back to market determined long-term interest rates after a period of manipulation by the Federal Reserve.

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