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  "notes": "The chart uses a dual-axis line graph to compare the Fed balance sheet and reverse repo facility over time.",
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      "text": "As Money from Fiscal Largesse Wanes, the Private Sector Can Take Over as the Growth Driver",
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      "text": "Fed balance sheet (RH, in $ billions), reverse repo facility (LH, in $ billions)",
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      "text": "It's a zero-sum game. Larger public sector spending from the government crowds out the private sector. Many worry that Trump's plans to reduce government spending will hurt growth, but we do not believe this to be the case. The private sector can replace the public sector as a growth engine, which is beneficial as the private sector tends to have higher productive growth (i.e. higher growth with a lower inflation impulse).",
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      "text": "Source: Bloomberg, MSIM. As of February 11, 2025. The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing/of this presentation and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. Past performance is no guarantee of future results.",
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      "text": "Regime Change: Excess Liquidity Shifting from Public to Private Sector",
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