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Introducing: The Delphi Daily
...world’s most popular punching bags as multi-trillion dollar relief packages and pledges of “unlimited QE...
4 Min
DeFi
Apr 2020
Bitcoin - Back From the Future
The last decade has been one of lower rates and increasing liquidity through QE and other means....risk assets like Bitcoin would move in lockstep — Satoshi created Bitcoin in response to government QE...
17 Min
Layer 1 / L1
May 2023
No Pain, No Gain
...do the Fed’s bidding, which is a more politically attractive option than overtly reverting back to QE...When asked about the end game for US fiscal deficits — and the potential return of QE — Howell likened...
13 Min
Macro & Markets
Apr 2024
The Aftermath of One Big Macro Trade
Quantitative easing (“QE”) is not inherently inflationary because it simply swaps out a security (i.e...
6 Min
Derivatives
Oct 2020
Markets Gear Up for Dreaded September
The question is whether this will force the Fed back to the table to revive QE (which would be a welcome...
10 Min
Macro & Markets
Sep 2022
Avoiding the Real Banking Iceberg
Liquidity Is Coming It’s important to note the Fed isn’t buying bank assets outright like it does under QE...QE essentially allows banks to fully monetize their investment securities by turning them into cash....This would effectively be the same thing as QE and could bypass the Fed’s restriction of only conducting...
38 Min
Global Macro Themes
Mar 2023
Markets Setup for Rollercoaster Ride in 2023
...started to flow out of the RRP, both of which are offsetting declines in the Fed’s balance sheet (shadow “QE...
9 Min
Global Macro Themes
Feb 2023
Where'd The Liquidity Go?
If the narrative around QE and accommodative policy is it accelerates fiat currency debasement, then...
10 Min
Macro & Markets
Apr 2022
Delphi Office Hours Call (May 4th, 2022)
The earliest sign of a reversal is when the Fed signifies they’ll start some kind of QE again....I don’t know if they’ll call it QE, but at the end of the day, it’s all the same thing, buying assets...that where you even had a large dollar shortage that actually required the Fed to come in and restart QE...
38 Min
Layer 1 / L1
May 2022
Liquidity Cascades & the Evolution of Financial Markets
Policy The 2008 GFC gave birth to a new era of experimental monetary policy decisions in the form of QE...Complementary programs, such as QE, also provided investors with the second knock-on effect – renewed...
24 Min
Financial Market Themes
Sep 2022
Out of The Frying Pan, Not Out of The Fire
QT for Germany, QE for Italy? The challenge to make everyone happy is only getting harder.
11 Min
Macro & Markets
Jul 2022
Monthly Bitcoin Outlook - March 2020
Coin Exchange Flows 6 Massive Fiscal "Stimulus" Incoming 17 Bitcoin Exchange Flows 7 "Unlimited" QE...Value to Realized Value 8 Central Bank Assets Will Swell 19 Bitcoin Can't Escape Panic Selling 9 QE...GDP) Data as of March 25th, 2020 Source: Digital Assets Data, FRED, ECB, BOJ, PBOC 17 "Unlimited" QE...
DeFi
Mar 2020
The Path Forward for DeFi Fixed Income and Yield Tokens
...a spike of activity throughout the first few months of 2022, but that tapered at a faster pace than QE...
16 Min
Derivatives
Aug 2022
Macro Outlook - The "Everything Rally"
Louis 27 Dollar Liquidity - "Not QE" Don’t call it QE....It may walk like QE, talk like QE, even have similar effects as QE. But don’t call it QE.
Infrastructure
Dec 2019
Macro Outlook - The "Everything Rally"
Louis 27 Dollar Liquidity - "Not QE" Don’t call it QE....It may walk like QE, talk like QE, even have similar effects as QE. But don’t call it QE.
Infrastructure
Dec 2019
RUT is the canary in the coal mine
...today we got word from Fed officials of a potential “...
1 Min
Global Macro Themes
Dec 2025
Investors Flock to Cash as Liquidity Evaporates
S&P 500 Futures The Fed has joined its major European counterpart in unrestricted QE and an expansion...Even the Fed’s aggressive decisions to cut rates to zero and unveil "unlimited" QE have failed to send...
DeFi
Mar 2020
Delphi Office Hours Call (April 13th, 2022)
If we think about again what really drove asset prices and Bitcoin up, this concept of QE being all around...
16 Min
DeFi
Apr 2022
The Dark Night Rises - Part 1
The Fed knows the public perception of outright QE has negative connotations attached to it, which is...
23 Min
Macro & Markets
Jul 2024
Bitcoin Monthly Outlook - January 2020
Regardless of whether or not it can be deemed “QE” misses the forest for the trees as debt monetization...
DeFi
Jan 2020