Ironsides Macroeconomics 'It's Never Different This Time'

Ironsides Macroeconomics 'It's Never Different This Time'

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QE Restarts

It is QE and might be DE if they buy 2s and 3s, an ease in January is still likely if the data meets our expectations, the tariff shock is complete, thoughts from the road.
Barry C. Knapp's avatar
Barry C. Knapp
Dec 15, 2025
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This is a video summary of our January 13 note, QE Restarts

Figure 2: The Fed slowed QT before they met any of their benchmarks, they stopped it early and restarted QE all before there was any meaningful justification. They have fallen in love with the ample reserve regime and playing a central role in the overnight lending market. The Fed has abandoned …

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