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money printer living through a series of events that are chaotic, confusing, and unprecedented. We have a global health pandemic happening in a low to negative interest rate environment with unprecedented levels of quantitative easing coupled with a re-pricing of commodities and assets wrapped up inside of an unusually contentious election year.

The monetary response by the Fed to this unique situation has been a bold and audacious stimulus package. The central bank is poised to spray trillions of dollars into the U.S. economy. As of April 15th, the size of the Fed’s balance sheet had shot up to a never-before-seen $5.31 trillion, far beyond anything it did in the months and years following the financial crisis. The Fed has acted swiftly this time by reducing interest rates and reserve requirement of banks, committing to purchase almost unlimited  Treasury securities and mortgage-backed securities and buying debt under the Paycheck Protection Program.

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