The Fed is ramping up “Not QE” .

The Fed bought $2.2 billion in notes today in its POMO, “not QE,” operations. Actually $2.15 billion because they sold back a whole $50 million. Must have been a little glitch in the force.

This brings the Fed’s total outright purchases of Treasuries to $170 billion since it started Not QE, on September 17.

It also did $107 billion in gross new repo loans to Primary Dealers to buy Treasuries, against $94 billion in expirations, increasing total TOMO repos outstanding to $245 billion.

So the Fed has done $415 billion in QE since it started Not QE. The Treasury has issued $517 billion in net new paper since that fateful day.

Powell says it’s Not QE with a straight face. Just another garden-variety, lying, sociopath central banker.

The Fed is buying outright, or lending the Primary Dealers the money to buy 80% of all new Treasury issuance. If that ain’t monetizing the debt, then I’m not in Lisbon.

Apparently, I am.

And If that ain’t QE, then my name ain’t Lee.

It is, therefore I am.

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