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The Fed's Balance Sheet and the Market's Response to Stealth QE
M2 money supply is starting to turn over and finally go negative for the first time ever. The Fed has not said that they're going to stop that, but some interesting things have happened. All this damage in the market was just during this period of tightening. However, there has been a big jump in the Fed's balance sheet as a result of the support that the Fed has given banks to the discount window.