[natcombs]

>> Morgan Stanley analysts pointed out in late March that the buying was running at eight times the pace seen in prior episodes of Fed purchasing under programs known as quantitative easing.

8x increase over QE is crazy. Is that 8x mortgage bonds or 8x bonds in general?

[mrep]

US treasuries mostly in late march. Demand for dollars skyrocketed due to covid-19 and people were selling their treasuries to get dollars causing treasury yields to spike so the FED started buying $75 billion in Treasury securities per day to supply liquidity to the Treasury market and ended up buying over $1 trillion in Treasury securities within a short 3-week window.

More analysis about it at https://www.lynalden.com/august-2020-newsletter/