It also explains why, in the absence of the Fed, stocks continue to rise as if QE was still taking place: simply said, bondholders - starved for any yield in an increasingly NIRP world - have taken the place of the Federal Reserve, and are willing to throw any money at companies who promise even the tiniest of returns over Treasuries
http://www.zerohedge.com/news/2015-02-28/here-reason-why-stocks-just-had-their-best-month-october-2011
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