Agree w this. A belief has taken hold in recent years that any and all usage of Fed balance sheet is a form of QE, even when it's a loan that charges a rate above Fed Funds. Folks like Howell calling things "not QE QE" muddies the waters. Also people calling TGA rundown "liquidity injections" when it's just Treasury paying the same bills it always pays using saved funds. These mental shorthand terms are not very constructive for learning.