That’s like Quantitative Easing that Ubama did to finance his Trillion dollar a year extra deficit spending (four times).
Create $1T of book money and take half and buy your own T-Bills to make it look like you’re solvent and take the other half and buy MSBs (Mortgage Backed Securities) or something to bail somebody out (or give to new illegal slags).
Those MBSs were bought when mortgage rates were 3%. Now that mortgage rates are 6%, the value of those securities has been discounted to “junk”.
Good job guys. We don’t have to wait for the individuals to wreck the housing market—we can do it all at once at the Fed. LOL