Here’s a little table:
And here’s the summary from a thoughtful discussion of the Fed’s exit strategy from Michael Cloherty at Bank of America ML. It’s from last week, but it will help in deciphering this.
You will find it in the usual place.
Summary
The main takeaway from this piece is that uncertainty around the exit remains extremely high. All of the approaches available to the Fed have their own quirks and risks. This does not mean that the Fed would have difficulty combating a surge in inflation—if inflation risks got too high, the Fed would be willing to live with the less meaningful risks embedded in the exit process. But, we do think that the rational response when uncertainty is elevated is to move cautiously. While we have an above-consensus growth forecast, we think the market continues to price in too much from the Fed too soon.