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Fed’s Corporate Bond Buying Program Finds No Takers—Yet

You’ve heard it said a million times by investors and pundits: “Don’t fight the Fed.” Indeed, we’ve said it in these pages. With its technically “unlimited” arsenal of financial firepower, the Federal Reserve Board can stimulate market activity in the direction that it favors. It’s not all powerful, but it’s perhaps the closest thing to it created by humans.

While this is no surprise to most investors, it’s always instructive to see it in action. And we just did. You really shouldn’t fight the Fed, even if it’s wrong.

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