To make that assumption you would have to conclude that these last 6 years were FED controlled. While they can issue more free money, control the bond market, and make policy that allow certain segments of the economy to heal, they can't control earnings.
The street got it exactly right. Earnings is consistent with the rise in the markets. You must explain to me how the FED can force lending and borrowing when we know that is not the case. in fact the argument all these years has been that banks refused to loosen. Sorry but the real truth to all this is that corporations run well know how to take advantage of low rates and low demand for increasing wages.
It is not an anomaly to see the stock market detach from individuals human suffering gauge. I stated over 4 years ago that corporations were in a sweet spot for earnings. Either I got lucky with that statement or my analysis of what drives profits worked. A low growth low rate environment with no wage pressure is ideal for corporation. this is not an orchestrated move by the FED. In fact I can assure you they would have preferred to see profits grow at a much slower pace and not have the market so high. Life doesn't work on anyone's plans or schedules. The trillion dollar market volume can't be controlled for 6 years by anyone or any group. They can try to support the markets with some assumed safety-net programs. All that does is provide psychological confidence going forward. If corporations can't squeeze out profits going forward nothing will stop the stampede to the exit.