QT is not raising interest rates, it is reducing the balance sheet: https://www.investopedia.com/quantitative-tightening-6361478
QT quite clearly did not start in any meaningful way 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.