QE Unlimited Unleashed

Also, sentiment hits extremes that I have never seen before

Five minutes after I had hit send on yesterday’s post, the Federal Reserve unleashed the Mother Of All Quantitative Easings (MOAQE), announcing they would abandon their previous stated goal of $700 billion and instead purchase UNLIMITED amount of Treasurys and mortgage-back securities. This might have been a surprise to the markets, but we knew the Fed…