Important Reading to Start the Weekend

These aren't the easiest readings, but they're what some pretty smart people are looking at, so I thought I'd pass along, with major props to Morgan Stanley:

* Roadmap for the Fed's exit strategy;

* Issues associated with excess reserves on the Fed's balance sheet;

* Outlook for inflation and why the Fed might want "controlled inflation";

* Prospects for hyperinflation;

* Stealth inflation will become manifest when Fed stops paying interest on reserves.
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