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Fed's Stealth Liquidity Is Fueling A Stock Market Rally | Michael Howell
On The Margin
The near-term catalysts and the impact on the global financial system
Two near-term catalysts are the easing from the PBOC and the potential peak in longer-term yields, which could expand the collateral base of the global financial system. The Federal Reserve's actions seem to lean more towards quantitative support rather than tightening or QE. Despite deviations from their original plans to shrink the balance sheet, liquidity-creating parts of the Fed's balance sheet are holding steady or increasing, injecting money into the financial system. This increased liquidity, combined with lower inflation, has been driving the positive performance of Wall Street throughout the year.
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