For several months Fed watchers have engaged in a debate about whether or not the Fed’s repo market operations are equal to quantitative easing. It’s a fun discussion but in the end, I don’t think it matters. What does matter is that the Fed appears willing to act quickly when faced with any potential economic threat. Of course, this isn’t revelatory to those who have been paying attention over the last 10 years, but something has changed recently. Both James Bullard and...