Big Bull Year for ALL Assets
"All 38 assets in its tracking universe have posted positive year-to-date (YTD) returns in both local currency and Dollar terms."
"Whether it should be considered QE4 or not, in the eyes of the market it's just semantics. Markets view any increase in the size of the Fed's balance sheet as QE and the $250 billion increase in just two months is no doubt helping to lift stock prices."
"There may be a situation in which banks want to deleverage quickly, for example during a money run or a liquidation in some market caused by a sudden reassessment of value as in 2008...[So] the Fed's abundant-reserve regime may carry a new set of risks by supporting...overly easy policy (expanding balance sheet during an economic expansion) to maintain funding conditions that may short-circuit the market's ability to accurately price the supply and demand for leverage as asset prices rise."