That's very much at odds with what the Fed is doing. For example, these $267 billion the Fed added to its balance sheet since mid-January represent one-third of its last "normal" average monthly balance sheet of $820 billion before the onset of the financial crisis in 2008. That huge liquidity creation over the last two months has now brought the Fed's monetary base to $3.9 trillion – very close to record-high levels observed in August 2014.
What kind of normalization process is that?
These numbers look more like a colossal new round of quantitative easing (QE) totally "missed" – but greatly enjoyed – by financial markets.
Yer İmleri