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US economic growth caused the Federal Reserve to tighten credit from December 2015 until mid-2019. Last year, the trade war between the US and China and a sharp correction in US stocks and other markets in the final quarter of 2018 caused the Fed to pivot to a policy of monetary policy easing. In 2019, the Fed cut short-term interest rates by 75 basis points and ended its program that had reduced its balance sheet by allowing the legacy of quantitative to roll off at maturity. The reduction amounted to quantitative tightening that pushed interest