2019 has been marked first by a recognition that the rate hikes and quantitative tightening efforts of 2018 were leading to a collapse in markets. Hence first we saw a reversal in narratives to "flexible on balance sheet" and halting of rate hikes, to an outright cutting of rates and now a massive expansion in the balance sheet commencing next week.
Don't call it QE they say, but ignore the fact that they are running a program equal in size to the annual US military budget. At $60B that's exactly what it is. Massive.
Fed Chair Jay Powell: The economy is in a good place. Now here's a $60B per month Treasury bill buying program, multiple rate cuts and daily repo operations. How stupid do they think we are?