Since the Federal Reserve began repurchase operations late last summer, many members of the media, market participants, and spectators alike have been up in arms over this recent round of Fed balance sheet expansion - calling it another round of QE. Lacy Hunt, chief economist at Hoisington Investment Management Co., tells Danielle DiMartino Booth of Quill Intelligence why the latest version of the Fed's monetary policy is not more quantitative easing. Hunt argues that, in fact, the Fed's repo operations are an effort to keep the banking system alive. He tells DiMartino Booth about the limits to Fed balance sheet expansion and answers the question, "Can the Federal Reserve Act be modernized?" Hunt explains his reasoning by tying together repo rates, yield curve inversion, and the impact that the law of diminishing returns has on the banking system, credit, and equity markets. Filmed on February 7, 2020 in Austin, Texas.