Lucy Has Pulled The Football.
For years, corporate America and stock market investors could rely on the Federal Reserve to have their back. Ridiculously low borrowing costs turbo-charged stock prices - especially those of profitless (and sometimes mindless) tech companies. The Fed’s interests were aligned with those of the likes of Apple, Tesla and Microsoft but also with those of regular people pouring money in their 401k every two weeks. The Fed’s extended purchases of mortgage bonds drove up home prices, delighting homeowners.
Everyone was a winner. Well, everyone except would-be first time home buyers who watched…
The skinny
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