Has Federal Reserve Bank Policy reversed ?

Federal Reserve holdings 

of Treasury bonds rose

for the first time since 2014.

( see  yellow  columns in chart ).

If the $8 billion increase 

is the start of more 

Treasury bond purchases 

( using "money" created 

out of thin air ), 

then the EL page one

Fed Policy Indicator, 

will soon change 

from Moderately Bearish

to Moderately Bullish.