The Fed keeps imagineering money into existence, right on schedule. But a few hundred billion doesn’t buy what it used to anymore. Stocks are only up by the width of a pubic hair, and the 10 year yield, while down a similar hair, is still above yesterday’s breakout line.
I’ll update my thoughts on this for you later today.
Meanwhile, empty Fedwords:
Monetary policy can be implemented through outright purchases or sales of securities, which permanently changes the size of the Federal Reserve’s System Open Market Account (SOMA) portfolio.
https://www.newyorkfed.org/markets/pomo/operations/index.html
