Now on the Fed’s Table: Sell Bonds Outright to Push Up Long-Term Yields, Steepen the Yield Curve, and Get Rid of MBS

Quantitative Tightening, the opposite of QE, is now part of the Fed’s plan. Likely to start this year, it’s going to be more and faster than last time, according to the last FOMC meeting: The Fed would be “significantly reducing” the assets on its balance sheet...