My response the past few years when folks mention QE is highlighted here. This is an inflationary cycle which naturally restrains Fed easing. A zero rate tool like QE is the last thing on their minds with >3% real GDP this quarter. Additionally, we're in a stage of the long term debt parade where the economy needs broad money expansion driving real growth in order to de-lever public debt relative to it, and central bankers have mused in recent years that QE doesn't achieve that goal. Growth needs to first take a serious hit before rates can fall precipitously, and rates must fall to the floor before a tool like QE merits serious consideration. Which means there needs to be an endgame catalyst.(𝐓𝐗𝐌𝐂)