The ritual has become as old and stale as it has become predictable: A central bank promises to continue the free money spigot and market participants pile into risk assets as we witnessed again with both stocks and supposed “hedge” assets such as Bitcoin immediately rallying in concert following yesterday’s Fed announcement.

I’ve long given up the hope that critical questions with follow up will ever asked of Jay Powell or any Fed Chair for that matter.

And so any discussion of the negative side effects of over-easy and relentless monetary policies that plague our society will get brushed under the carpet and instead ever higher market prices serve as the platform of unadulterated adulation.

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