If there is any doubt about the hold it has on the stock market, just look at what happened after its meeting today.
“Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year.”
The first thought is, “well, stocks may be a bit ahead of themselves then.”
Nope, the market cheers more anticipated action from the Fed to prop it up.
Maybe stocks will only be allowed to go up. Risk on!