At closing yesterday (Tuesday), S&P 500 logged 36th all-time high of 2017. U.S. stocks haven’t had a five percent correction in more than 400 days.
No praise has been given to the president for the record high stock market. KTRH money man Pat Shinn says the Federal Reserve drives the market, not Donald Trump.“The gains in the stock market are typically not coming from the White House. They’re driven by the Federal Reserve. The Federal Reserve sets fed monetary policy, said Shinn. “The media has given President Trump absolutely no credit for being at record highs. But, in my opinion, that should be the case.”
This is day two of meetings for the Federal Reserve. Shinn says it's expected the Feds will leave interest rates unchanged. We'll learn details of how they'll slowly unwind their balance sheet this afternoon.
Shinn shared the stock market returns under each President.