On January 12, 2026 Raghuram G. Rajan, a former governor of the Reserve Bank of India and chief economist of the International Monetary Fund, wrote the article with the title above. He begins:
“Recent developments suggest that the US Federal Reserve’s bond purchases are no longer just a “monetary operation,” but an essential component of the US government’s fiscal financing. The sooner that the Fed and other similarly situated central banks recognize the trap they have created for themselves, the better.”
Here’s the link to the article. It’s short and concise.