Yes, it’s an emergency. No, it won’t be temporary. With a trillion or more a year in new Treasury supply coming to market as far as the eye can see, for the Fed, it’s print or die. And if the Fed pumps that amount of cash into the coffers of Wall Street Primary Dealers, it should skew stock prices upward, until something breaks or the Fed changes policy.
The charts are now at a critical juncture, a pinnacle, if you will. Very soon, they’ll give us a signal on whether the New Fed QE will work just like the old QE, or not.
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