The Federal Reserve Policy indicator has improved from Moderately Bullish to Bullish

I don't care 

what Jerome Powell says,

about "temporary liquidity":

  The chart below says 

the increase of the 

Fed's balance sheet

is more than temporary,

and that's bullish,

The two consecutive 

fed funds rate reductions 

had been bullish.

The two parts

of the EL newsletter

page one Fed indicator,

Fed Funds Rate

and Fed Balance Sheet 

are now both bullish,

so the Fed Policy 

indicator is now Bullish !