Since 1935, we have decided monetary policy by committee, a structure that has served us well because it is designed to capture different views of a wide and varied national economy.
Now, why are we so concerned when UITFs buy our [central bank (CB)] securities? In the complex language of monetary policy, [there is a word known as] "sterilize." If the central bank buys assets, it will increase money supply. So, the only way the central bank can prevent money supply from increasing is to sell securities [in order] to get back the money.