Fed policy has been 106 years of essentially clueless trial and error. When the latest policy fails, try something else……..Then the Fed stopped QE and simply treaded water for a few years while their fellow central banks, the ECB and BoJ, did the heavy lifting. All central banks pump into one worldwide pool of liquidity managed by the same big multinational banks. Eventually some, if not most, of that money flows to and through Wall Street, and US securities prices are boosted.
