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So much new money was created during Covid that they needed QT to mitigate what would have been much worse inflation
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The problem is that QT started too late and ended too late
3 years of QT is too long plus diminishing marginal benefit
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Since I'm in the End the Fed camp, no amount of QT is too much for me.
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The goal should be stability not QE or QT
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The goal should be market prices rather than central planning
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as long as the increase is 3 percent or lower
QT was justified in 2021 and 2022, the problem is that Powell was hoping inflation would be 'transitory' in 2021 and by 2022 he lost all credibility regarding inflation