Yeah, but it's evenly distributed across the whole bond market, and in purchases along with market buyers. How does that translate into (any reasonable operatio

Yeah, but it's evenly distributed across the whole bond market, and in purchases along with market buyers. How does that translate into (any reasonable operationalization of) "wildly overpaying"? I get overpaying, but I'd need to see how it becomes "wildly overpaying". FWIW, I don't like what the Fed is doing, and am troubled buy it, but I think OP is overstating it.