Timber, gave or lent at near zero interest rate, where the banks...

Timber, gave or lent at near zero interest rate, where the banks could use this to buy bonds ahead of Fed purchases and then onsell them for a profit.

$16T is no mean thing considering the GDP of the US is less than that. The size of the U.S. Stock Market is about $14T and even the huge USBond market comes in at about $35T.

BTW did you see jobs report today, the delayed December nonfarm payroll report (74K actual v. 197K expected) that saw the unemployment rate drop to 6.7% (7.0% expected). Will this slow down taper? Bond and gold market think it may.