What is the policy implication of this claim?
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So, if the trends discussed are the outcome of deliberate choices by multinational banks, what is the implication for policy?
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Perhaps, but the FT's Chris Giles did confirm one clear implication of last week's policy change.
BBC: The Bank abandons a lot of hope
The implication of my view of the way monetary policy works for the assets of the Fed is that the current level of total assets is a result of past policy and that continued slow growth is needed to support the real economy going forward.
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