Diminishing Returns to QE

Better get yourself together
And hold on to what you got
Once the music hits your system
There's no way you're gonna stop
--Miami Sound Machine

Updated graph marking movements of the S&P 500 (SPX) in relation to various FOMC intervention programs since 2008:

Suggests diminishing returns to the Fed's stimulus programs.

Would be interesting to see a plot of SPX vs Fed balance sheet expansion. Would think the the Fed is surely getting less SPX pts per dollar as they ramp QE.

position in SPX