On Wednesday, the Fed decided to keep its Fed Funds target range unchanged at 1.5%-1.75% as expected following three cuts this year and reiterated its plan to do whatever it takes to keep the short-term lending market stable as we are approaching year-end. It will continue to purchase $60bn of Treasury bills every month until at least the second quarter of 2020, which will continue to inflate the balance sheet, increase the global liquidity and levitate asset prices (especially the S&P 500). Figure 1 (left frame) shows that the rise in global equities this year