SPECIAL REPORT: Did The Fed Just Announce QE-Lite? | Axel Merk + Live Q&A

December 11, 2025

AI Summary

5 min read

🎙️ The Voices & The Context

The Format: This episode features a casual chat between the host, Adam Taggart, and guest Axel Merck, focused on analyzing the recent Federal Reserve announcements. The tone is informal yet informative, allowing for a deep dive into complex financial topics while keeping the audience engaged.
The Key Players:
- Adam Taggart: Founder of Thoughtful Money and host, who brings enthusiasm and curiosity to the discussion.
- Axel Merck: Head of Merck Investments and a recognized Fed expert, providing insight based on his extensive experience with monetary policy.

🗝️ Key Themes & Topics

Federal Reserve's Recent Meeting:
- The Fed cut rates by 25 basis points, marking significant dissent within the committee—the highest number of dissenters since 1988. The implications of this dissent signal a divided Fed and potential shifts in monetary policy.
Quantitative Easing (QE):
- Axel discusses the Fed's initiation of T-bill purchases to maintain liquidity, suggesting this may actually be a form of QE despite the Fed's claims to the contrary. The market's reaction indicates a strong preference for liquidity.
Economic Projections:
- The conversation shifts to the Fed’s projections for inflation and unemployment. Powell's outlook suggests a cooling labor market but expects a **stronger e

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What you'll learn

1 (00:00) **🎙️ Introduction: Adam Taggart & Axel Merck**
2 (01:04) **Post-FOMC Meeting Overview**
3 (02:19) **Fed's Asset Purchases Announcement**
4 (03:44) **Ample Reserve Regime Explained**
5 (06:25) **Market Reactions and Liquidity Concerns**
6 (08:03) **Upcoming Fed Leadership Changes**
7 (10:03) **Dissenting Opinions within the Fed**

+ Full timestamped outline available in the app

Show Notes

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The Federal Reserve Open Market Committee just released the outcome of its meeting this week.

As expected, the Fed cut its policy rate by 0.25% (with three governors dissenting - the most since 1988!).

It also announced that it will start purchasing shorter-term US Treasurys, to maintain “an ample supply of reserves” (is this pre-QE?)

To discuss, Fed-watcher Axel Merk is joining us again to deliver his expert reaction to the Fed’s latest guidance as well as take your questions live.

#federalreserve #inflation #interestrates

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