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One More Time: It’s Not QE
It isn't QE.
"It" is a reference to the latest increase in the Fed's balance sheet. And "it" simply
Not only is it [increase in Fed’s B/S) not QE, but it is going to reverse in the near-ish future. Banks borrowed far more from discount window/BTFP/FHLB in recent weeks than they needed to. This is expensive financing for banks, and they will return most of the money quickly.
Based on https://fred.stlouisfed.org/series/WM2NS although M2 has declined 5% over the past year, it is still 25% above 2/2020 levels. Seems to me that there is still a lot of powder in the pipeline.