The Fed is the new macro

By Alfred Lam, CFA, Senior Vice-President and Chief Investment Officer
Marchello Holditch, CFA, Vice-President, CI Multi-Asset Management

Stock markets have rallied significantly and consistently since 2009 when central banks cut interest rates to zero and increased the money supply through quantitative easing (QE) programs. Ten years later, these measures are largely still in place. Even though it is not their mandate, central banks have been supporting financial assets while promoting risk-taking without consequence. With no end in sight, economists have described this as the “new normal.”

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