Yes, they announced those new programs, but at the same time other programs also came to an end, securities on the balance sheet matured, etc. The Fed has been completely transparent about what it’s buying when and how much, but Mr. Graham Summers is too lazy to bother keeping track of it.
Also to say that the broad stock market is reacting, or failing to react, to one single component of the economic landscape is utterly vapid.
Feds cannot pull back. 40 percent of our T bill auction is paid with printed money. The T Bills are used to fund the 1.4 to 1.6 Trillion shortfall in our fed budget. Cheap money is keeping our banks afloat buying time against the derivative time bomb. Unless the fed knows something we don’t they cannot pull back from QE. We will end up like Japan, QE to infinity. Which brings up another point. Japan is the largest foreign purchaser of T Bills. Under their new PM Abe, he plans to buy more Japanese T Bills. The Japanese savings are tapped out, Japan may need to liquidate some of their US T Bills to fund their own QE. That means the fed will have to print more money to make up future Japanese cutback in buying US T Bills. The fed announcement of maybe stopping QE is just manipulation of the market via public announcements. The dip in gold and silver prices is a good time to buy more. Fed is not stopping QE unless they want to crash the banks, US economy or Congress will reduce the deficit overnight.