In the period from 2013 to 2019, the Federal Reserve was actively in the process of unwinding their balance sheet with what we can only imagine was their non-core “assets.”
In the period from 2013 to 2019, counter to the claim that the Fed is THE reason the market has increased from the 2009 low, the stock market, as represented by the Dow Jones Industrial Average, increased +74.10%.
This assessment goes along with our prior work on this same topic making the point that the increase in interest rates would result in a stock market and gold price increase.
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