Remember when the Fed got its Series 7 and Series 63, and was solely engaged in the business of advising on stock valuation? Neiter do we. But that doesn’t prevent it from now openly opining on what it thinks is the fair value of stocks:
- FED’S WILLIAMS SAYS U.S. STOCKS AREN’T OVERVALUED
So, the implication is one should buy stock then?
And if the market craters tomorrow, the Fed will surely make everyone who listened to this non-voting moron who has made a complete mockery of the Fed’s inflation and full employment mandates and replaced them with the “fair stock value” mandate, whole at the expense of all the other taxpayers, right?
Finally, since the market is not overvalued here, what is the Fed’s price target on the S&P 500, oh unregistered financial advisors-cum-Princeton academics of the Marriner Eccles building.
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Aw7zzTaAcn4/story01.htm Tyler Durden