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Jul 08 2020

Everyone Loves A Winner

  • Jul 8, 2020

The bullish consensus seems to be that unlimited Fed liquidity will lift all stock market and economic boats. However, past liquidity floods have tended to lift boats that were already the most buoyant. The “Y2K Liquidity Facility” and last fall’s emergency Fed intervention in the overnight repo market are two cases in which liquidity seemed to flow to where it was needed the least.

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About The Author

Doug Ramsey / Chief Investment Officer & Portfolio Manager