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[] Warsh has said he would like to shrink it much further. In a review of George Selgins The Menace of Fiscal QE , Boccia explains why a smaller balance sheet matters for fiscal policy: In the same vein that the Fed might be pressured by Congress to fund government spending via QE, it could be pressured to not raise rates when inflation takes hold to avoid an economic downturn. Boccia concludes, it would be wise for the Federal Reserve to close off an avenue for fiscal QE before its too late

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