Markets: When all else fails, blame the Fed

The Fed has become a scapegoat for local market volatility. Its fall yesterday remains somewhat inexplicable, especially in light of today’s gains.

A quip making the rounds of trading floors is that if a dealer gets a call from their fund manager to ask why the stocks are down, one should blame the Fed. Or rather, tell the fund manager or private client the market thinks the Fed will scale back its monetary stimulus program as soon as next month.

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