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As expected earlier today, the Federal Reserve left interest rates unchanged at zero where

they will remain for the foreseeable future, although some on the FOMC did indicate that

they saw some increase in interest rates coming as soon as 2023.

Now one thing that the Federal Reserve did not indicate was a expansion of its current

QE program.

It did indicate that it will continue to monetize debt at the rate that it has been monetizing

it, although in the press conference that followed the official announcement, Powell did open

the door to the possibility that the Fed would at some point expand its asset purchase program,

both in the maturity of the assets that it's buying and in the quantity, which of course

means that it is going to do it.

It's just a question of when and it doesn't even take admission from the Fed to know that

the Fed is ultimately going to be increasing the size of its asset purchases, especially

when the Fed is actually cheerleading the congressional movement towards greater fiscal

stimulus.

All of that fiscal stimulus is going to result in much larger budget deficits and the only

way to prevent those budget deficits from forcing interest rates higher would be for the

Fed to accommodate those deficits by monetizing them, which in and of itself means that the

...