Sober Look: The Fed's latest dilemma

http://soberlook.com/2013/07/the-feds-latest-dilemma.html

``The central bank's securities purchases are financed with bank reserves, which have been rising steadily in 2013... And to many on the Fed that was justifiable as long as US commercial banks continued to expand their balance sheets. But recently that expansion has stalled... To some this calls into question the effectiveness of the whole program, since the transmission from reserves into credit is so weak''