Thanks. Great piece. There is an endless holy war about the effects of the QE/QT among all kind of pundits and talking heads. The questions. If “While the bond buying effect through QE might be muted to non-existent, there is one aspect that is real, and that is the removal of interest rate risk from private markets by the QE mechanism” why can’t we think that the removal of rate risk will be same not existed i.e. there is much more risk to absorb in private markets then the capacity of QE to absorb it? Or it all goes through behavioral perception on that removal? So is it correct to state that QE really allows the Fed to ease monetary policy and to avoid using NIRP but it works it’s way through market participants’ perception and like homeopathy?

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