Peter Schiff: The Fed Welcomes QE Back

On Thursday’s episode of The Peter Schiff Show, Peter walks through the Federal Reserve’s stealthy pivot on monetary policy and explains why that move matters more for inflation and markets than talk of tariffs. He also highlights how precious metals — particularly silver and mining stocks — are leading this leg of the bull market, and he closes by drawing a clear distinction between tokenized gold and Bitcoin.

He begins by noting how fast the Fed moved from ending quantitative tightening to effectively resuming quantitative easing, a shift that was obvious if you read the policy tea leaves:

Well, the Fed didn’t waste any time because no sooner did they end quantitative tightening, but they already resumed quantitative easing. Even I didn’t expect them to do it that fast. I thought there may be at least one meeting that they skipped between the end of QT and the beginning of QE. Now, of course, the Fed, Powell did not come out and say we’re doing quantitative easing, right? You’ve got to read between the lines, although they don’t make it that difficult to read between these very, very wide lines.

He emphasizes that the Fed’s actions weren’t just semantics — the central bank actually committed to buying short-term Treasuries, which is functionally QE even if they avoid the label. Peter explains the mechanics and the pretext the Fed uses for this intervention: