EQL - Faith In The Fed's Ability To Support Stocks Is Unfounded

The commonly-held view that Fed policy has been the main driver of the recent rally and will prevent future losses reflects, to a large extent, ex-post justification rather than a critical analysis of the data. In reality, monetary policy is just one of countless market drivers, explaining why there is no evidence from the data to support its perceived importance.

We first wrote about how monetary and fiscal policy would not be able to prevent a market crash back in February (see 'Monetary And Fiscal Stimulus Will Not Prevent A Market Crash') and

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