As Rates Race to Zero, Printing Presses Gear Up

"The Fed's balance sheet has expanded to more than $2 trillion, made up of collateral received in exchange for liquidity provision, or loans of Treasurys. 'In our view, this is, for want of an alternative description, 'printing money',' Carnell wrote in his research. 'And our assumption is that there is more of this to come.'"