So the Federal Reserve Board has made it official. This is the end of quantitative easing. It’s quits for QE. Bond buying has gone bye bye. Quantitative easing has been eased out of existence, tapered into extinction. The QE case is closed.
If nothing else, QE has provided us with material for more of our blog posts than any other topic (55, not including this one!), so, given that we’ll now need a new source of inspiration, we’re almost sorry to see it end.
So is this an obituary for the greatest (in terms of dollars involved, if not in results) experiment ever in monetary policy? Should we hoist up the “Mission Accomplished” banner, pop the champagne cork and make a toast to Ben Bernanke and his brethren?
Not so fast. There’s still an epilogue worth drafting. Closure is needed. This may be our last chance to take a shot at QE, so we’re taking advantage of it.