“The financial community is now secure in the knowledge that the most powerful banks in the country stand ready to prevent a recurrence of panic.”
— New York Times, 10/24/1929, h/t John Kenneth Galbraith’s The Great Crash of 1929
This past week’s release of the minutes from the late-January meeting of the Federal Reserve’s policy-making committee reflected a dovish Fed friendly to the markets.
We shall see. In any event, keep calm and enjoy your weekend.