Tuesday, July 07, 2020 9:18:41 AM
(Source: Federal Reserve's website)
You can see that according to the Exhibit B, this is the power of attorney language for BlackRock to “manage, supervise, and direct the investments” for the Fed’s account. Clearly, the language in Exhibit B says, “transact in any and all stocks, bonds, cash held for investment and other assets.”
Scott Minerd's opinion -- The Fed will likely buy stocks
Let’s see how well-known financial people are saying about this. Scott Minerd, Global Chief Investment Officer at Guggenheim Partner said in a recent CNBC article, that “a reckoning is coming, and soon. He expects the S&P 500 will retest its March 23 low of 2,237.40 over the next month, potentially crumbling to as low as 1,600.” It should be noted that Minerd is one of the more bearish people on Wall Street right now. Scott Minerd further adds, "there's a point where the Federal Reserve is going to have to pull out a bazooka," Minerd said in an interview. "And I think the option of buying stocks on the part of the Fed is on the table." Clearly, if the stock market does continue to fall due to sustained high unemployment rates, then it would erode confidence among consumers, small businesses and CEOs.
Recent BLK News
- Meta Strengthens Child Privacy on Instagram; Google Overturns $1.7 Billion Antitrust Fine; Snap Updates Spectacles • IH Market News • 09/18/2024 10:13:07 AM
- BlackRock, Global Infrastructure Partners, Microsoft, and MGX Launch New AI Partnership to Invest in Data Centers and Supporting Power Infrastructure • Business Wire • 09/17/2024 08:24:00 PM
- BlackRock Survey: Retirement Plan Advisors Demand Active and Income Strategies • Business Wire • 09/17/2024 01:01:00 PM
- BlackRock Survey: Retirement Plan Advisors Demand Active and Income Strategies • Business Wire • 09/17/2024 10:00:00 AM
- BlackRock® Canada Announces September Cash Distributions for the iShares® ETFs • GlobeNewswire Inc. • 09/17/2024 09:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/13/2024 08:22:03 PM
- BlackRock Announces Expected Closing Date for Acquisition of Global Infrastructure Partners • Business Wire • 09/13/2024 08:10:00 PM
- Norfolk Southern CEO Fired, Ryanair Lowers Fare Forecast, 23andMe Considers Acquisition Proposals • IH Market News • 09/12/2024 10:02:29 AM
- BlackRock and Partners Group Establish Strategic Partnership to Transform Retail Wealth Access to Private Markets • Business Wire • 09/12/2024 05:00:00 AM
- Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend] • Edgar (US Regulatory) • 09/10/2024 04:10:28 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM