How have the markets responded to congressional testimony from recent Fed chairs? Have they shown a preference or distaste for any one in particular?
“I'm not saying that interest rates are going to go back up. I just think they're done coming down,” Howard Marks, CFA, told Marg Franklin, CFA. "And if that's true, I think we're in a different environment."
“It is difficult not to marvel at the imagination which was implicit in this gargantuan insanity. If there must be madness something may be said for having it on a heroic scale.” -- John Kenneth Galbraith
The impact of Fed policy on the global financial system is yet another feature of the COVID-19 pandemic that caught investors off guard.