In response to the 2008 financial crisis, the Federal Reserve initiated three quantitative easing programs (QE1, QE2 and QE3) in an effort to keep short-term interest rates near zero percent. During each of these periods financial assets significantly increased. In the interim periods when the Federal Reserve was not intervening to keep rates low, financial assets declined or were unchanged. This raises the question — what will happen when QE3 ends?

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