“Not Enough” Say Markets To Fed’s Promise of Unlimited QE

What it means when the Fed can spend infinite cash

Happy Monday Blockfolians

The Lede

The Fed announced today the most dramatic expansion of its ability to intervene in the markets since…well…ever. Whereas last week they had committed to up to $700 billion in purchases of Treasuries and mortgage backed securities, this week they announced that the amount of those purchases was unlimited and would now include an array of other asset categories including corporate bonds.

Unfortunately, the stimulus didn’t have the desired effect.

Of course, the bitcoiners had the meme for the moment:

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Highly Relevant Reading

  • HODLpac is a new decentralized PAC to support blockchain legislation in a decentralized way, featuring Tyler Winklevoss and Brian Armstrong as founding donors

  • Will the Coronavirus stimulus lead to a digital dollar?

  • Kik is trying to settle without a trial in its ICO fight with the SEC

  • Tim Draper looking to invest in India’s newly open crypto markets


Community Commentary

Pomp argues that the ‘economic circle of life’ has been broken
Delphi Digital’s Tom Shaughnessy with a much-needed Covid-19 positivity thread

A Really Big Number That You Should Be Paying Attention To

INFINITE.

That’s the amount of of cash at the Federal Reserve, according to a 60 Minutes interview with Fed President Neel Kashkari last night.


Final Thought

The Onion knew.