Stocks & Bond Yields Rise Modestly After Powell Unveils "Not QE"

Just minutes after Chicago Fed's Evans' comments that "certainly, asset valuations are quite high," Fed Chair Powell unveiled a new balance sheet expansion program, to buy T-Bills, that should absolutely not be called QE4 - so we'll call it "Not QE."

Anyone who calls QE4, QE4, and not "not QE" is a Russian spy...

The initial reaction is very lacklustre - stocks and bond yields rose, gold initially spiked but fell back and the dollar is unchanged for now...

Notably fed funds are basically unchanged too.

Simply put, The Fed is basically all-in and markets have priced it in.