The Fed said QT, the market got secret QE, and $2.5 trillion moved behind the curtain. US M2 money supply speaks clearly to that.
Tom McClellan @McClellanOsc I wish to politely disagree with this assertion. Yes, QT was happening, shrinking the Fed’s balance sheet, and yes, the stock market advanced. But the Fed was engaged in QE all the while, just under a different format. While QE4 was still underway, the Fed began compiling over $1.5 trillion of Reverse …