The Federal Reserve announced at its September 22, 2021 meeting, “If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted.” It’s time for moderation—or outright elimination—right now. The consequence will be continued inflation and high risk of entering a volatile boom-bust era.

The housing construction industry is maxed out. Builders are erecting new homes as fast as they can, but they are limited by lot availability, building supplies and labor. Anyone with a hammer and a pickup truck can find work in construction today. Yet the Fed is buying $40 billion of mortgage-backed securities each month. The president of the St. Louis Federal Reserve Bank, James Bullard, said back in June, “… maybe we don’t need to be in…

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