Markets’ Federal Reserve Love Story
For many years market participants have been richly rewarded for falling in love – quickly and decisively – with policy measures adopted by the US Federal Reserve. More recently, however, some have become less comfortable, warning that the codependence is encouraging excessive risk-taking and, in some cases, bubbly valuations.
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LAGUNA BEACH – The morning drive to my 11-year old daughter’s school is always fun, and often a source of insight. That was certainly the case last week when she pointed out something about Frozen, the hugely popular Disney film, that had totally escaped me. “It’s unusual,” she said, “to see a Disney movie in which they end up telling us not to marry someone we’ve just met.”