In One Chart: Why Dow 28,000 could mark that ‘blowoff top’ bears have been predicting

Last month, the Fed began snatching up short-term Treasury debt to the tune of $60 billion per month in response to the repo mess that sent a chill through Wall Street back in September. While it might sound like another round of quantitative easing, Jerome Powell wanted to make it clear: It’s not. “In no sense is this QE,” he said. One blogger isn’t buying it.

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