Fed has restrictive rate policy but not a restrictive balance sheet, says Jefferies' David Zervos

David Zervos, chief market strategist at Jefferies, and CNBC's Rick Santelli join 'The Exchange' to discuss the rise in yields being driven by term premiums, the prospect of the Fed changing its balance sheet policy, and the need for Fed policy to be further restrictive.

Видео Fed has restrictive rate policy but not a restrictive balance sheet, says Jefferies' David Zervos канала CNBC Television