Did someone noticed that?




Wait, what? The FED was doing a Quantitative Tightening!

Well, actually, it's in "Stealth QE" mode!

Fed Balance Sheet Explodes By $300BN As Bank Bailouts Lead To Record Discount Window Surge

They pushed the infamous  Bank Term Funding Program (nobody wants to use it because of a stigma effect associated with the liquidity drawn from such a facility), but the discount window was actually very successful last week:


They offered 4 weeks worth of tightening in a single auction.