The link below is to an article written by Gary Gordon about a CNBC interview with Robert Fischer, President of the Federal Reserve Bank of Dallas for more than a decade (2005-2015).
From the comments made it appears the Fed was not concerned with inflation, money supply, or any of the other usual suspects. The goal was to prompt a bull market in stocks. And while I have nothing against a good bull market, two things to note:
- Is that really the job of the Fed?
- While bull markets are fun while they last, the stated goal – a “wealth effect” – doesn’t seem to have panned out too well at all – and certainly not as planned.
Cynics of the world (“Hi, my name is Jay”), enjoy..