From QE to QT

We have known for years that QE had helped to keep the stock market aloft, and it was logical to believe that

  1) QT would follow QE, and that 2) QT would have the effect of reversing the impact of QE. 

 Wednesday may go down in history as the day when the market finally grasped this.

 John Authers 20 December 2018

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