I guess its time to put our traditional monetary models on the shelf for awhile as we are now in the world of quantitative easing.
Somehow markets view a historically low fed-funds rate, and a dramatic shift in the primary monetary policy instrument as a sign to celebrate rather than as a signal that the economy is in a very bad place and will be there for long time- Dow up 360; S&P up 45; TSX up 262.
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