By John Melloy
A report from the Federal Reserve Bank of New York suggests that the bulk of equity returns for more than a decade are due to actions by the US central bank.
Theoretically, the S&P 500 (^GSPC) would be more than 50 percent lower-at the 600 level-if the bullish price action preceding Fed announcements was excluded, the study showed.
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Related reading:
The Puzzling Pre-FOMC Announcement “Drift”
Federal Reserve Bank of New York (11 July )
