George Robertson
@BickerinBrattle
First step is to deal with reality and accept a few axioms. According to the Federal Reserve and pretty well all monetary economists and if one applies dual sided accounting consideration, QE is the increase in mandated reserve levels ratios.
That QE and QT and anything else the Fed does via "system open market account" (SOMA) has no long lasting impact upon the economy and hence upon asset value. And by long lasting means anything past a few days or weeks.
Monetary policy can only have effect in terms of tightening or easing if the Fed Funds rate is quickly and in a complete move over or under the rough level of neutral Fed Funds. Then the Fed Funds drops or rises quickly back to the neutral level.
Therefore the current Fed has had limited to no policy impact for years as Fed Funds are changed slowly and gradually and always maintained ar a constant level above or below the neutral level such that the neutral level is attracted to the maintained Fed Funds rate.
This means that monetary policy if anything is counter indicative to stated policy where a chronically maintained low Fed Funds decreases inflation or a chronically high rate of Fed Funds increases inflation.
One good thing Trump is doing - perhaps the only thing - is destroying the necomancers babble about QE and QT and RRP and so on. All it is doing now is filling the void of confusion Trump is causing in macro economics silence. @fejau_inc