from Kitco NEWS
Of all the forces of the market today, none are still as strong as actions taken by the Federal Reserve, whose purchasing activity could be likened to that of a day trader’s, said Ryan Giannotto, director of research at GraniteShares.
“I would even go as far to say as Powell is 99% of explaining returns in this market,” he said.
Assets purchased by the Fed has expanded in scope, from traditionally-held assets like real estate, which have been acquired since Quantitative Easing (QE) 3, to now commercial paper and corporate debt, Giannotto noted.
“I’d like to say that the Fed has now turned into basically just an army of Robinhood traders,” he said.
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