I don’t really understand how Blackrock “wins big” for their work with the Fed. If I’m reading the article correctly, they’d be making 3 mil a year and are giving fee rebates to the Fed for the shares bought by them. As for the increased investor demand in the ETFs, sure, it’s nice to hold the very thing the Fed is propping up, but that is also true for all investor-grade bonds and some who have lost their investor-grade rating since the pandemic.
For all I care, the article could have been “Fed props up economy, retail investors buy QQQ and its ETF manager wins big.”