>So it’s not really correct to say it isn’t like QE at all since in both types of stimulus new USD is issued by the federal reserve in exchange for assets.
Uhhh, OK, by that definition the Fed discount window is "a bit like QE" too.
>The difference is in the terms, counterparties, and types of assets.
This is ... not a subtle difference? QE is outright purchase, vs a relative short-term swap structure; domestic commercial banks, vs. foreign central banks; bonds and MBS vs. currency.
Uhhh, OK, by that definition the Fed discount window is "a bit like QE" too.
>The difference is in the terms, counterparties, and types of assets.
This is ... not a subtle difference? QE is outright purchase, vs a relative short-term swap structure; domestic commercial banks, vs. foreign central banks; bonds and MBS vs. currency.