There was a period of about two months when some of the more confused, Fed sycophantic elements, would parrot everything Powell would say regarding the recently launched $60 billion in monthly purchases of T-Bills, and which according to this rather vocal, if always wrong, subsegment of financial experts, did not constitute QE. Perhaps one can't really blame them: after all, unable to think for themselves, they merely repeated what Powell said, namely that "growth of our balance sheet for reserve management purposes should in no way be confused with the large-scale asset purchase programs that we deployed after the financial crisis.

H/T: Zero Hedge

Year-End Repo "Crisis" Ends With A Whimper Amid Massive Liquidity Glut | Zero Hedge https://t.co/eTmzKmaiMe #QE4 #AuditTheFed #EndTheFed — Liberty Middle Way (@way_liberty) December 31, 2019

For the first time ever, the U.S. economy started and ended an entire decade without entering a recession. But overall economic growth has been slower compared to previous booms. https://t.co/4LctTKeWC3 pic.twitter.com/G6WARiBtkn — CNBC (@CNBC) December 30, 2019

With all this GC Repo Yr End 1.88%.. still +33bps wider than IOER = Massive Fed Defeat.. If the Street calls this a win...we r v deep in dog doo. Structural issues are far from gone.



QE4,5,6...or we get 6% overnight.

This is as fragile as a market as u will ever see. $DXY https://t.co/6qOZHyj9eA — PlungeProtectionTeam (@gamesblazer06) December 31, 2019

The Great Meltup of 2019 - #FederalReserve implemented QE4 (lied about it) conveniently when market couldn't push through highs. Fed doesn't stop bubbles and crashes, they just create larger ones... pic.twitter.com/GnIifylW8D — B.P. Rising (@BP_Rising) December 30, 2019