More POMO = more FOMO? Fed's latest T-bill purchase program (POMOs) is widely perceived as a QE program, with market participants extrapolating the current 60bn/month pace into/through Q2, 2020. We don’t agree, as we think the purchase pace may be cut eventually (for that to happen the size of the Fed's current TOMOs need to drop). That said, we do still see more ample USD liquidity as supportive for risk sentiment over the next month. This ought to be a bit bad news for the USD, but it seems as if the positive POMO-implications for US equities is helping keep demand for USD strong. A lowering of the purchase pace ... (full story)