While we await the final details of the fiscal policy panic from government, the Fed announced unlimited QE in its monetary policy panic. I am not using the words “panic” and “manipulation” lately in the usual negative or dismissive sense. They have to do this, sadly. We see on full display and in real time how a debt-based Keynesian system operates after it has decades ago eaten its seed corn and savings. It’s all digital entries and unimaginably bloated balance sheets now.
Fed announces unlimited QE and sets up several new lending programs
It’s gonna be QE-infinity as the gold bugs say.
Thus far the effect is to reverse what had started to become a feisty yield curve toward the steepening side.
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