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The Fed's Role in the Financial System
If the S&P 500 were to stay at 4,700, but it were to flow out of technology stocks and all into industrial and cyclical stocks, they wouldn't bat an eye. What's important would be things that could damage the financial system as a whole. So when Boston goes and says we're going to do $100 billion in QE and QTSR and QT, it just might be that he's trying to message expectations in the markets.