Not QE

Don't need money
Don't need fame
Don't need no credit card
To ride this train
--Huey Lewis & the News

Charlie Bilello notes that, at the current run rate, the Fed's balance sheet will exceed its peak 'QE' level by spring.

If the Fed's balance sheet continues to expand at the pace of the last 4 months (>$100 billion per month), it will hit a new all-time high by April 2020. pic.twitter.com/gYB5t6Ocb8

— Charlie Bilello (@charliebilello) December 27, 2019

But remember, this is not QE...