QT, we hardly knew ye
On Tuesday afternoon, Fed chair Jerome Powell announced his intention to once again expand the central bank’s balance sheet. Just don’t call it QE:
"I want to emphasize 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."
New branding is clearly required.
Perhaps, the open market operation is formerly known as QE?