Fed keeps patching the broken plumbing with endless T-bill buys. Markets look more unhinged every day.
Fed holdings of short T-bills nearing $500 billion with ongoing $40B monthly purchases. Interventions continue months after tax season, echoing 2020 pre-crisis moves. Equities now largest slice of US household net worth, beating real estate. Market charts described as getting crazier amid distortions. Debt levels and QE limits force new approaches. The Federal Reserve's holdings …