Actually, Da Fed flashed its hand as openly as it could- major repo action well into the future- there's plenty of funny money to come, perhaps limitless.
Never mind that maybe it should have been saved for an actual problem rather than for the POTUS' re-election campaign.
Earnings were already pretty flat over the last few quarters- we were just playing the Wall Street sell side game where they cut guidance and then crow about it when they beat it by a couple cents. Better Than Expected!!!!!!
NY Fed Nowcast for Q4 currently at 1.22%, Q1 1.77%- hardly a boom. Of course the story will be yeah, but the funny money will deliver growth and earnings down the road. And I was grudgingly accepting the idea that it would help those metrics a bit- enough for a talking point anyway, if not that great. And at great cost.
Unless "something happened." May have, we'll see. I first noted a week or so ago that some very sensitive canary markets were taking it seriously and you have to be somewhat concerned by the epidemiology. Beyond that, no point in arguing opinions.
