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Jan.17 — If you want to call it QE, you can. If you want to ascribe the rally to Powell, that’s up to you. Certainly the Fed thinks it’s on solid ground. Rather than trying to drive down long-term interest rates to stimulate the economy, a la QE, it’s simply buying T-bills to keep the financial system’s plumbing in order. The problem for policy makers is that perceptions matter in shaping sentiment. Bloomberg’s Jonathan Ferro sat down with DWS’ Greg Staples, Amundi’s Ken Monaghan & Lisa Hornby of Schroders to discuss what happens when the Fed turns the spigot off.