Fed Targets

Of all the “help” the federal government provided last year, perhaps the most distasteful was to have gobbled up ETFs from the good, honest people at Blackstone led by this decent, honest, and generous man. Here are some of the ETFs (ANGL, HYG, IGIB, JNK, LQD) that the Fed bought with freshly-printed dollars. I offer these as more supporting evidence about how the interest rate world is turning because they’re all turning south as these interest-sensitive instruments erode. It doesn’t matter that they’re declining. The Fed can always print up more trillions to cover any losses.

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