[dageshi]

I think you're misrepresenting QE. The Bonds the fed bought eventually expire, the money they used to buy the bonds gets repaid to the fed. It's not like they gave the value of the bonds to "very rich people" and said "here buy another yacht on us".

[Donald]

Yes, the original bonds expired, but the Fed has actually resumed buying short-term treasury bonds since Sept 2019. This has offset long-term maturities (e.g., 10Y) rolling off and actually has resulted a net expansion in their balance sheet: https://www.federalreserve.gov/monetarypolicy/bst_recenttren...