My skinny: I see this as a very clever wealth transfer. The effects of which I still need to chew through, but in the end, banks that borrow from the Fed will not lose their margins. They return assets and earn better returns based on a higher Fed payout interest rate. This increase in return revenues would/could/should(?) cover an increase in payout interest for Certificates of Deposit and interest-bearing accounts that people contribute money to. A zero-net loss. Clever, indeed.
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