QE… what even is it?

Exploring the three flavours of QE.

QE is a term used for 3 different things:

1) Government purchases of bonds. No new money.

2) The central bank directly purchasing bonds from Treasury. New money.

3) Goverment “borrowing” longer dated bonds to dick with the yield curve. No new money.

2) Isn’t really QE, its OMF (Overt Monetary Finance).