It’s a message that [Fed Chairman] Powell… foreshadowed earlier in the week: This is not quantitative easing.
The Treasury purchases will therefore have “little if any” meaningful effect “on household and business spending decisions and the overall level of economic activity,” the Fed said, repeating that explanation three times for emphasis in a statement Friday accompanying its announcement.
In that case, why stop there? Why not double and triple the deficit again? The Fed says that all this self financed federal spending won’t cause inflation or anything else.