The MacroTourist

Share this post

QE ≠ STOCKS UP AND QT ≠ STOCKS DOWN

posts.themacrotourist.com

QE ≠ STOCKS UP AND QT ≠ STOCKS DOWN

The 'tourist pushes back on conventional thinking about QE and QT

Kevin Muir
Aug 22, 2022
42
14
Share this post

QE ≠ STOCKS UP AND QT ≠ STOCKS DOWN

posts.themacrotourist.com

There is considerable debate about whether quantitative easing causes risk assets to rise. Some argue that QE is nothing more than a balance sheet swap, with the Federal Reserve taking longer-dated government liabilities and replacing them with bank reserves. I understand their argument, but after years of staring at the market, I have long since accept…

This post is for paid subscribers

Already a paid subscriber? Sign in
Previous
Next
© 2023 Kevin Muir
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great writing