Fed operations create reserves, not spendable money; real money is created when banks make loans, meaning QE changes the form of liquidity, not the quantity of broad money in the economy.

Ethereum continues to drift near $3,300 with weak momentum, as it remains dependent on Bitcoin’s direction, with downside risk toward $2,500 if $3,000 fails.

Indian share markets are trading lower today, with the Sensex trading 523 points lower, and the Nifty is trading 160 points lower.