Core Viewpoint - The U.S. Treasury Secretary, Janet Yellen, emphasizes the need for the Federal Reserve to exercise caution in using quantitative easing (QE), likening it to the careful use of antibiotics. She does not advocate for the Fed to reduce its balance sheet or abandon the ample reserves system, highlighting that QE reform is a critical consideration for the next Federal Reserve Chair [1]. Group 1 - The Federal Reserve should be cautious in implementing quantitative easing policies [1] - There is no support for reducing the Fed's balance sheet or abandoning the ample reserves system [1] - QE reform is an important factor for the next Federal Reserve Chair to consider [1]

Core Viewpoint - The U.S. Treasury Secretary, Yellen, emphasizes the need for the Federal Reserve to exercise caution in using quantitative easing (QE), likening it to the careful use of antibiotics. The next Federal Reserve chair should consider reforms to QE as a significant factor [1] Group 1 - Yellen does not advocate for the Federal Reserve to reduce its balance sheet or abandon the ample reserves system [1] - The reform of quantitative easing is highlighted as an important consideration for the next Federal Reserve chair [1]