3/3 The real question is not intervention versus markets, but how to balance discipline with liquidity when the system is under stress.
Read 𝐑 𝐆𝐮𝐫𝐮𝐦𝐮𝐫𝐭𝐡𝐲’s column for BasisPoint: 𝐌𝐚𝐧𝐚𝐠𝐢𝐧𝐠 𝐭𝐡𝐞 𝐑𝐮𝐩𝐞𝐞, 𝐂𝐨𝐧𝐬𝐭𝐫𝐚𝐢𝐧𝐢𝐧𝐠 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭
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