"Fuck," Exclaimed Jerome Powell

“There’s nothing more permanent than a temporary government program.”

Back in the distant past of 2010, Ben Bernanke sat before Congress and lied his ass off assured everyone that quantitative easing was “temporary” and would be “reversed” once the emergency had passed.

It was supposed to be a short-lived anomaly, a controlled detour from monetary orthodoxy. The balance sheet would shrink, markets would normalize, and the Fed would quietly step back into the shadows.

Here we are fourteen years later. The detour has become the highway.