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Is the Fed Call Really the Fed's Balance Sheet Expansion?
I don't think quantitative easing is as powerful as a lot of other people tend to think. The Bank of Japan increased their balance sheet for decades and the Nikkei had a marginal correlation to these changes. There are scenarios where the ECB also, the European stock markets performed on a relative basis horribly compared to the US stock market. So what was the, it seems like there's very mixed evidence on whether or not the balance sheet expansion really is that the Fed put? And so, yeah, they've made it very clear.