The Fed never unwound, at least beyond an initial and failed attempt. When the Fed started unwinding a little over a year ago, they had to suddenly stop when m

The Fed never unwound, at least beyond an initial and failed attempt. When the Fed started unwinding a little over a year ago, they had to suddenly stop when markets tanked—hard. After the Fed ceased, stability returned. I'm not sure there will ever be an unwinding, at least in the traditional sense. Topping it off, starting last September, the Fed began emergency "not-QE" liquidity injections, which have unexpectedly grown over time. And now, this black swan event. Nobody knows what's going on.