The MacroTourist

The MacroTourist

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The MacroTourist
The MacroTourist
QE ≠ STOCKS UP AND QT ≠ STOCKS DOWN

QE ≠ STOCKS UP AND QT ≠ STOCKS DOWN

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

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Kevin Muir
Aug 22, 2022
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The MacroTourist
The MacroTourist
QE ≠ STOCKS UP AND QT ≠ STOCKS DOWN
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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…

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