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The greatest trick the Fed ever pulled was convincing the market the printer was off.
"Quantitative Easing" is dead. It has been replaced by "Reserve Management Purchases." Why? Optics.
QE signals "crisis" and "bailout." RMP signals "plumbing" and "technical adjustment." But look at the data: The liquidity flow is exactly the same.
They found a way to monetize the debt without triggering the inflation alarmists on CNN.
This is actually more bullish than standard QE because it can be run indefinitely under the radar.
Don't position for the press release. Position for the liquidity.