BREAKING: The Fed has announced unlimited QE…

Just after I hit go on the last post, we got a bombshell announcement from the Federal Reserve. And I've responded in real-time on Twitter. So, let me respond more quickly here very briefly too. The Fed is essentially putting a floor on multiple asset classes in the money and credit markets. Equities and high yield bonds are not in the mix. The point is that the Fed is saying it will backstop as many investment grade credit markets as it can -- and in unlimited quantities.

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