Das: The Fed has boxed U.S. into a tough easy-money corner

``Despite the Federal Reserve ending its purchases of Treasury bonds, U.S. monetary policy remains accommodative -- and will be for a long time to come. The downside is too great. Withdrawing fiscal stimulus would slow economic activity. Reduction in government services and higher taxes hits disposable incomes, especially when wage growth is stagnant. In turn, this leads to a sharp contraction in consumption... A 1% rise in rates would increase the debt-servicing costs of the U.S. government by around $170 billion. A rise of 1% in G-7 interest rates would increase the interest expense of the G-7 countries by around $1.4 trillion.''