No its not equal, cos the FED supplies 100c in the dollar for said bonds, as opposed to the open market which would pay less, 70c, 80c, 90c, whatever.
therefore, FED puts MORE liquidity in the system than would have naturally occured if said MBS had to find buyers on the open market. Nothing equal there at all.
Which is the whole point of QE, that is, plugging the holes that wouldn't be plugged should the system have to stand on its own 2 feet, and god forbid CDS get tripped.
