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Paul Brownstein: QE at the top is permanent, structural, and inevitable
By Paul Brownstein
ChartsAndParts.Substack.com
Friday, December 12, 2025
Quantitative easing (QE) used to arrive with sirens. A crisis. A panic. A market freeze.
We'd break the glass, flood the system, patch the holes, and swear we'd unwind it later.
Not this time. This time, we got QE at the top -- with markets near the highs, consumer price index elevated, and the Fed cutting rates.
... Dispatch continues below ...
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Not this time. This time, we got QE at the top -- with markets near the highs, consumer price index elevated, and the Fed cutting rates.
Then they dropped the quiet bomb: $40 billion in T-bill purchases. "Temporary." Just reserve management.
As the saying goes, "There is nothing more permanent than a temporary government program."
TARP (the 2008 financial crisis bailout) was temporary.
1971's "gold window closure" was temporary too.
QE was always a market backstop.
This time, the structure forces permanence. ...
... For the remainder of the commentary:
https://chartsandparts.substack.com/p/qe-at-the-top-permanent-structural
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