Paul McCulley on Fed buying 85% of Treasury's net debt issuance in the past 7 weeks

We’ve had a merger of monetary and fiscal policy. We’ve broken down the church-and-state separation between the two.

~ Paul McCulley, former chief economist at PIMCO, Bloomberg interview, May 15, 2020

(Credit to Philip Grant, editor of Almost Daily Grant's, for finding this quote. Also, according to May 15, 2020 ADG: "According to estimates from Bloomberg Economics, the Fed will purchase up to $3.5 trillion in government bonds this year, covering the bulk of an estimated $3.7 trillion fiscal shortfall.")