Policy normalization—defined as closing down the nonconventional toolbox and restoring a well-functioning price-signaling mechanism to the bond market—is difficult but possible.
Neo-Spoonerism: there is no treason against the federal government, because the federal government does not abide by the document which it claims as its foundational authority to govern.
The relative strength and reaction times of changes in rates depend on the subjective expectations of the public. These changes—like economic changes in general—cannot be forecast with certainty.
