What is QE, really now?

Pick your own definition says the Fed, we just do what we do . . .

Fed Clarifies QE Policy - Sort Of

" . . .
From Fed:
Thank you for your inquiry.

Regarding your question if the New York Fed's operations create reserves, the Federal Reserve is the owners/definers of "reserves". That said, the Federal Reserve has developed several programs in response to current economic conditions. Information on these programs is available on our website at this link.

Information is also available from the Board of Governors website at:

From this information you may choose which programs embody your own definition of quantitative easing. I hope this information is useful to you.


Kimberly Hooks
Media Relations and Public Affairs
Federal Reserve Bank of New York

. . .

But if you define QE as an action that creates Reserves and it is new, then there are nine additional categories that can be included as part of the QE effort. My conclusion on this is that if the market believes that the Fed is limited to purchases of Treasury coupons, agency direct debt obligations or Agency MBS to achieve their QE policy objectives they are wrong. There are no bounds on this policy.
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