So, will the Fed embark on another QE program? At some point probably, but not likely in near-term
The annualized quarterly change in M2/MZM money supply and the S&P 500
The above graphs show the annualized quarterly change in money supply (M2 and MZM) and the S&P 500. Both QE programs were announced/started when the annualized quarterly change in each respective measure was negative, or closely there to. Operation twist also started in and around M2 money supply and S&P 500 approaching negative rates. I could foresee the Fed extending operation twist, but a full QE program may only be enacted if and when the market or money supply fall significantly.
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