The Fed is “letting the stock market go.”
As I’ve outlined multiple times, if the Fed has to choose between supporting the bond bubble or supporting stocks, it will choose bonds Every. Single. Time.
The fact is that in a debt-saturated world such as the one we live in today, if stocks collapse, investors and Wall Street get angry. If bonds collapse, entire countries go bust.
Cue NY Fed President Bill Dudley last week:
Judging by remarks this week from policy makers, who were unmoved by rising yields and the losses in stocks, the Powell Fed isn’t rushing to signal that tendency. New York Fed President William Dudley on Thursday called the stock selloff “small potatoes” and said it has no economic implications.
This is Bill Dudley talking… the guy who was pushing for more QE non-stop and who routinely appeared to verbally “prop up” the markets anytime they took a nose-dive from 2008-2016.
And now he’s calling last week’s sell-off “small potatoes.” And he’s ALSO saying that the Fed believes the markets could dive without impacting the economy in any significant way.
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Chief Market Strategist
Phoenix Capital Research