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Central bank ‘punch bowl’ still brimming for markets Central bank support for pandemic-hit economies looks to endure well past the recovery in output, leaving investors little option but to keep chasing a parabolic bull market until the fabled “punch bowl” is eventually removed. William McChesney Martin – the longest serving Federal Reserve chief between 1951 and 1970 – is credited with the famous quote about the Fed’s main job being to “take away the punch bowl just as the party gets going” – or tighten credit once the economy recovers from recession. But an assumption his maxim will now be flouted to more fully reflate the economy after the COVID-19 shock is already stoking stock bubble fears and not a little angst about a return of inflation akin to the one which emerged in the decade after McChesney Martin departed the central bank. ....
6 Min Read LONDON (Reuters) - Central bank support for pandemic-hit economies looks to endure well past the recovery in output, leaving investors little option but to keep chasing a parabolic bull market until the fabled “punch bowl” is eventually removed. The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie William McChesney Martin - the longest serving Federal Reserve chief between 1951 and 1970 - is credited with the famous quote about the Fed’s main job being to “take away the punch bowl just as the party gets going” - or tighten credit once the economy recovers from recession. ....
Central bank 'punch bowl' still brimming for markets theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.