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" ... Whatever one’s position regarding MMT, we can all agree that these last 12 months have been an extreme period in terms of monetary policy. After four rounds of quantitative easing (“QE”), in 2018 the Fed started tightening, and proceeded to lift rates four times. However, after the equity market sold off and a Trump tweetstorm ensued, the Fed mysteriously reversed course with three rate cuts in 2019. In addition, late last year it began repo operations, which some observers say amounts to a fifth round of QE. It’s obvious to see that expansionary fiscal policy (tax cuts & deregulation), combined with aggressive monetary printing well past the end of our last recession has created a number of concerning asset bubbles. ... "