BestEvidence has stood alone in making exactly that point repeatedly over the last two years, defying the financial pundits who sought to quell any concerns about what exactly the Fed was doing with solemn assurances that, no, you silly serf with your pesky concerns—the Fed's QE programs have no effect whatsoever on the retail money supply because [insert Fed-apologizing snake oil here] "reserves don't leak out into the banking system."

BestEvidence is pleased to announce that in its quixotic quest to bring light to the shameful QE darkness cast by said pundits, the channel has picked up a new ally: the Federal Reserve itself. Well, a team of Fed researchers, anyway.