Since March 11, the Fed has printed $2.78 trillion to inflate asset prices across the spectrum and bail out those that owned those assets. The Fed also wanted to restart the chase for yield that makes investors reckless and trains them to count on future bailouts when it hits the fan again.

If the Fed had spread that $2.78 trillion equally over the 130 million households in the US, each household would have received $21,426 – welcome help in this crisis for less-well-off households. But this was not for them. It was helicopter money for Wall Street and asset holders.

Fed Tapered QE Helicopter Money for Wall Street Further: MBS Fell. Treasuries Barely Rose. Liquidity Swaps & Repos Stalled. | Wolf Street