84.2 Quantitative Easing: A False God

———Ep 84.2 Summary———
How is it possible 14 years of data shows the Federal Reserve FLAILING ABOUT trying to raise or lower bond yields with MASSIVE purchases of securities via quantitative easing? Because they were ‘massive’. The CENTRAL BANK IS NOT CENTRAL to money. The bond market is.

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Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
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Emil YouTube: https://bit.ly/310yisL
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———Ep 84.2 Topics———

00:00 Show introduction – we will review the Fed QE program’s impact on US Treasury yields
01:12 The orthodox view of how Fed purchases/sales/tapers of US Treasury Securities is wrong.
03:10 Jul-07 to Dec-08 bond yields were falling; the Fed WAS NOT BUYING  (wait, wut?)
04:30 The Fed stopped QE1 in Mar-10, bond yields began to fall in Apr-10 (wait, wut?)
05:54 The Fed started QE2 in Oct-10, bond yields began to rise in Oct-10 (wait, wut?)
07:41 The Fed stopped QE2 in Jun-11, bond yields began to fall in Jun-10 (wait, wut?)
10:23 The Fed ‘talked taper’ of QE3 in 2013 and bond yields rose up fast (wait, wut?)
15:59 Show conclusion and summary.

———Ep 84.2 References———

No Reason To Toss Out Low Rates In The Inflation Debate: The Repo Rat Rate Fallacy: https://bit.ly/3wKjjS8
60a Quantitative Easing: 20-Year Anniversary!: https://youtu.be/9eTqYTP0Vqo
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7

———Who———

Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins.