The Fed Heads’ Give Mendacity A Wholly New Definition

he rally didn’t really take off until the repo crisis forced the Fed into treasury bill buying and repo in October of 2019.
Everything exploded higher, far above any fundamental basis, and markets, already on a multiple expansion train in 2019, just went into the stratosphere continuing this run into February of this year while the Fed continued to go wild:

A

 

 

https://northmantrader.com/2020/02/21/the-big-dodge/