"the restart of individuals paying back student loans will have a negative impact on liquidity - that's part of commercial banks reserves and would be taken into account in the bank reserves report."  --  it's not in the budget so I assume it's been 100% debt / deficit outlay with the good ole money printer...but it's been getting paid the whole time, it's just been the Gov paying it. Ahh, I just answered my own question.  Notionally, deficit spending  and money printing will decrease by 5 billion per month when the Gov stop making the payments (I'll believe they are actually going to stop when I see it...not convinced yet).

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