Once upon a time, there was a market. Unfortunately, over the past decade, and especially since March it has mutated into a centrally-planned “market” political tool where according to the latest Thundering Herd report from BofA’s Michael Hartnett, central banks now purchase a ridiculous $1.4 billion in assets every hour (since the all too convenient March covid lockdowns) just to keep the entire “wealth effect” edifice from crashing down. It also explains why since the March lockdown, the Nasdaq has been rising at a rate of $1.6 billion per hour, almost as if every dollar the Fed inject goes right into tech company market caps.
