Markets exist for two purposes in a Capitalist economy 1) Efficient Allocation of Capital and 2) Pricing Signals
"Price-fixing" is how Peter Fisher; who formally ran the fed's Open Market desk, describes these operations. Intervening in so many market sectors means that prices don't mean what they once did.
The fed's narrowing of credit spreads not only distorts prospects for the economy's recovery; it also reduces the capital market's efficiency. Old zombie companies get financed, which might mean less creative destruction in the post-Covid-19 economy.
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