The $7 Trillion Fed Market Prop

In case you weren’t paying attention, while the Congress argues over funding for the unemployed in this pandemic, the Federal Reserve has bought $7 Trillion (yes, trillion) in corporate debt in open market actions.  This may not even be legal.  What it does is prop up stock markets, sending vast sums to the already wealthy.  From Marketwatch.

Fed slows corporate debt purchases to trickle

Fed’s overall balance sheet at $6.9 trillion

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