Gimme a break, will ya? Wherein I rant, supported by the Fed’s own data.
By Wolf Richter for WOLF STREET.
In an op-ed today in the Wall Street Journal, Fed Chair Jerome Powell rationalized and defended the Fed’s ultra-radical, previously unthinkably monstrous, and super-fast bailout of asset holders starting a year ago, when within three months the Fed created $3 trillion and purchased assets with them, and created the biggest media hoopla about those purchases and many more trillions in future purchases, in order to inflate asset prices further, and make asset holders immensely rich.