If QT Is Doing This, No Wonder Stocks Are Rallying

By Tyler Durden – ZeroHedge

Quantitative tightening isn’t working. At least not in the way you’d expect it to, with central-bank reserves rising, not falling. On top of that, excess liquidity remains high and is increasing, while rates are becoming less restrictive. Stocks have thus been rallying, and will continue to experience tailwinds as long as liquidity conditions remain favorable.