Fed hikes rate to 3.75-4%, but bill purchases are not QE

• —The rate was raised by 0.25 pp to 3.75-4%, with the reserve rate at 3.90% from September 17
• —Since the start of January the Fed has bought nearly $250 billion in bills: $160 billion through RMP and $90 billion in reinvestments
• —Fed assets stood at $6.7406 trillion on September 9, up $134.7 billion year on year
• —On September 15 SOFR was 3.64%, EFFR 3.63%, and outflows from US spot bitcoin ETFs were $450.4 million