The Fed is Overshadowing the Market Right Now, Jim Grant Says

by Fred Imbert

The Federal Reserve’s role in financial markets has grown too large, legendary investor Jim Grant said Tuesday.

“Let’s conceive that we are not investors but rather basketball players, and the game’s about to be televised and … here’s a final and all [people] can talk about is the referee,” Grant, the founder and editor of Grant’s Interest Rate Observer, told CNBC’s “Squawk on the Street.”

“The Federal Reserve has come to occupy the anomalous place of the referee who dominates, overshadows and is in utter control of the game that he or she is intended to be merely supervising,” he said.

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