Quantitative easing lowered interest rates. Why isn't quantitative tightening lifting them more?

The Federal Reserve bought trillions of dollars of bonds and other securities from 2008 to 2014 in what's been dubbed "quantitative easing" (QE).  Economists from the Fed and elsewhere have estimated that the asset purchases lowered long-term interest rates by about 1.5 percentage points. But when the Fed began shrinking its portfolio in the summer…                ...(read more)

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