Hacker News Reader

In short, it means this line will go down: https://fred.stlouisfed.org/series/WALCL

You can see it went up substantially in 2020 and 2021.

And 2008 (without going back down). The component from 2008 AFAIK is mostly the mortgage backed securities.

I don't endorse everything this guy is saying but it is an interesting article