The latter, popularly known as quantitive easing, can be inflationary, strengthening the case for investing in bitcoin and gold. According to Hayes, the Fed would be forced to launch yield curve control (YCC), a sort of perpetual QE, which involves targeting a longer-term bond yield by a central bank, then buying or selling as many bonds as necessary to hit that objective. The Bank of Japan has been running the yield curve control program for six years and steps up liquidity-boosting bond purchases every time the 10-year yield threatens to penetrate the 0.25% cap.
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