It's official: as of today the bull market that has been mocked as fake, doomed and history’s most-hated just earned a new title: the second-longest ever. And it only took $14 trillion in central bank liquidity, a global, coordinated central bank "put", central banks purchases of Treasuries, MBS, ETFs and corporate bonds, and nearly 700 rate cuts in the past 7 years to achieve it.
It is very fitting that on today's April 28th anniversary of the bull market, the day that officially makes this the second-longest "bull market" in history, the market got a stark reminder of just how it got there: through constant and relentless central bank intervention, which has been "beneficial" to stocks for the most part, however last night was anything but.
Authored by former Fed Advisor Danielle DiMartino Booth,
There never was any cake, just crust.
And the French Marie had nothing to do with it. Rather, a Spanish-born queen married to France’s King Louis XIV a century earlier was the ill-mannered Marie who dared to taunt the peasantry. So how then exactly did, “Let them eat cake!” become so universally associated with Marie-Antoinette? In a nutshell: Blackmail.
Are you not entertained??
http://www.youtube.com/watch?v=FsqJFIJ5lLs
Commodity Carnage continues in China...
Nothing happened before The Fed (apart from a chaotic dip and rip in crude oil and bid for bonds all morning)...and then it hit...
Getting the S&P 500 to 2,100 was all that mattered after The Fed - becase that tells the world that everything is awesome!!
Federal Reserve officials are virtually certain to hold interest rates steady when their meeting ends today but they could try to send a message to markets and outside observers about what likely comes next. With no press conference scheduled after this week’s meeting and no new economic forecasts to be released, all the attention will be focused on their words and the market is more aware than ever that the Fed doesn’t act in a vacuum.