RINF - QE Forever: The Fed's Dramatic About-Face
"Quantitative easing" was supposed to be an emergency measure. The Federal Reserve "eased" shrinkage in the money supply due to the 2008-09 credit crisis by pumping out trillions of dollars in new bank reserves. After the crisis, the presumption was that the Fed would "normalize" conditions by sopping up the excess reserves through "quantitative tightening" ((QT)) - raising interest rates and selling the securities it had bought with new reserves back into the market.
The Fed relentlessly pushed on with quantitative tightening through 2018, despite a severe market correction in the fall. In December, Fed