It looks like fed should have started QT in 2015.
https://fred.stlouisfed.org/series/FEDFUNDS
QT + higher interest rates clearly started in 2015.
QT quite clearly did not start in any meaningful way in 2015.
After the 3rd round of QE in 2014, the Fed began to undo that policy by raising interest rates above 0% in the 2015 to 2016 timeframe. They also were unwinding their balance sheet into 2019, before COVID19 interrupted plans.
Not zero-interest rate policies, low-interest rate policies. You're intentionally misrepresenting the position here.
The 2019 reversal was... well timed for the wrong reasons. Every economist will tell you that these Fed-moves take over a year (!!!) to kick into effect. Since COVID19 occurred in Nov 2019 into March 2020, the 2019 reversal was actually perfectly timed.
For all the wrong reasons mind you, but... we kinda got lucky there.
That is just not true.