Federal Reserve Chairman Jerome Powell testified yesterday before the House of Representatives Committee on Financial Services that the Fed will not change its over-the-top quantitative easing policy for the foreseeable future. He had said pretty much the same thing one day earlier to a Senate hearing, repeating the line that has dominated Fed policy for the last year or more. A foreign exchange strategist at the National Australia Bank, Rodrigo Cattrill, caught the gist of it: “The punch bowl ain’t going anywhere anytime soon and the policy backdrop should remain supportive for risk assets for some time.” Perhaps Cattrill should have referred to it as a Kool Aid bowl, to be more precise.