1Q03 3Q05 1Q08 3Q10 1Q13 3Q15 EFTA01477377 3 Monetary Policy Divergence "Two Roads Diverged in a Wood, and I Took the One Less Traveled." Fed Getting off the Bandwagon 2,000 4,000 6,000 8,000 10,000 12,000 0 2006 2008 2010 2012 Still Plenty of Liquidity* 100 150 200 250 50 0 2008