It appears that the new Fed policy is to end the purchase of new bonds. So, they are not printing money any more. As long as that policy holds tight.
As the Treasury has a $1 trillion shortfall in revenue, they will be forced to sell new bonds to the general market. Hopefully, the market will place pressure on Congress to balance their budget.
That might lead to a strong dollar.
As the Fed appears to be maintaining static balances of T-bonds, I hope they aren't creating cash to replace the bonds as they mature. If the Treasury pays the principal, the Fed can use the proceeds to replace it.
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