Now is the time for the Federal Reserve to shelve its $120 billion a month bond purchases program since it already has met these four goals, says Larry Adam,...
That’s Larry Adam, chief investment officer at Raymond James, on why he thinks that after 18 months of support, the time has come for the Federal Reserve to “sideline” its $120 billion a month bond purchases program.
“Since the onset of the pandemic and the implementation of such actions, these four goals have all been achieved.” Confidence among investors, consumers and businesses since has increased, reflected in “consistently strong personal consumption and business spending plans,” Adam wrote, adding that “asset prices have surged, leading net worth levels to reach record highs.”U.S. stocks on Monday were adrift slightly, but with the Dow Jones Industrial Average DJIA, +0.65% poised to snap a 5-session skid and the S&P 500 index SPX, +0.12% up nearly 19% for the year.
Adam also pointed to market volatility that has remained low, namely, with the S&P 500 only seeing 34 daily swings of 1% this year.
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