“They have not actually reversed the policy, they are still shrinking their balance sheet by 50 bn. dollars a month.That’s the driver (…) The financial commentariat is totally focused on the Federal Funds Rate, which has been the traditional Fed lever. But actually there is no Federal Funds market left (…) The point is: forget Federal Funds, forget the targeting of the short term interest rates. The real action in terms of what the Fed is doing is downing the bond pits, where they are dumping paper at a rate, that is astounding (…)” David Stockman, Interview mit Greg Hunter, 5.2.2019

“Let me throw in one more statistics, that kind of demonstrates this. If we go back to, say, about mid 2000 – the total balance sheet of the Fed in the period of july 2000 was about 590 bn. dollars. It had taken them roughly 86 years to build the balance sheet to 590 bn. from the day, that the Federal Reserve opened business in 1914. Now today the Fed is dumping anually more balance sheet back into the bond pits – 600 million a year – than the Federal Reserve System has accumulated in its first 86 years of life.”