That doesn’t mean it wasn’t already priced in. I think most here would say the market is exceedingly frothy. The battle is between froth which should be negative and rock bottom interest rates combined with a money tsunami which is positive.
Where sentiment may matter is around inflation expectations. The fed is likely to let inflation run scalding hot, but at some point it would force them to raise rates. If all of that money has people thinking rate increases are going to be pulled forward it will be bad for equities. You hear some concerns about inflation rumbling, but I haven’t seen much concern about interest rates increasing yet.
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