The following is the precise timeline and core facts summary of the Federal Reserve's four rounds of quantitative easing (QE), all information is subject to the official announcement of the Federal Reserve. Everyone can compare and study price trends on their own, there is no need to blindly believe other people's conclusions. --- First round of QE: Responding to the Financial Crisis ·Start up: November 25th, 2008 ·Core operation: ·Purchase mortgage backed securities (MBS) and institutional bonds, and then expand to treasury bond bonds. ·On March 18, 2009, the scale was significantly expanded. ·End of purchase: March 31, 2010 ·Total scale: approximately $1.725 trillion ·Key point: Intended to stabilize the collapsing financial system, it is an unconventional rescue measure during a crisis. Second round of QE: Stimulating economic recovery ·Launch: November 3, 2010 (announced) ·Execution period: November 2010 to June 2011 ·Content: Focus on purchasing $600 billion of long-term treasury bond. ·Goal: To further lower long-term interest rates when economic recovery is weak. Third round of QE: Open ended bond purchases ·Launch: September 13, 2012 (announced monthly bond purchase of $40 billion MBS) ·Substantial increase: December 12, 2012 (announced a new monthly purchase of $45 billion of treasury bond bonds, with a total scale of $85 billion per month) ·Starting to reduce: December 18, 2013 (announced the launch of "Taper" and gradually reduced the scale of bond purchases) ·Completely ended: October 29, 2014 (announced termination of asset purchase plan) ·Key point: Open QE with no upper limit and linked to the job market. The fourth round of QE: responding to the impact of the epidemic ·Emergency activation: On March 15, 2020 (announcing the resumption of bond purchases), upgraded to an "unlimited quantity" commitment on March 23. ·Stable period: From June 2020 to November 2021, maintain a monthly bond purchase rate of $120 billion. ·Starting to reduce: November 3, 2021 (announced launch of Taper) ·End of net purchases: March 16, 2022 (marked by FOMC statement) ·Scale impact: The Federal Reserve's balance sheet has surged from approximately $4.2 trillion to nearly $9 trillion.