Saving markets from a pandemic meltdown comes with a cost – Sydney Morning Herald

The Fed extended its QE program beyond Treasury bonds and mortgages to include lending to companies and even small businesses for the first time in its history. It also pumped liquidity into a system that it subsequently conceded had almost buckled under the weight of the massive capital flows as anxious investors cashed out and liquidity disappeared.
That whatever it takes moment from the Fed and its peers elsewhere not only averted another financial crisis but sparked another boom in financial…

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