All-Tolerant Powell Sends Wall Street Into a Buying Frenzy
- Credit ETFs enjoy largest inflows since Fed’s pandemic rescue
- Stocks poised for best rally in the run-up to an easing cycle
Jerome Powell
Photographer: Al Drago/BloombergThis article is for subscribers only.
Arguments on Wall Street rage anew over Federal Reserve policy — and how Jerome Powell should handle soaring asset prices. Yet for traders there’s no debate about what to do right now as they sink money across markets of all stripes.
More cash has been sent to exchange-traded funds tracking corporate bonds over five months than any time since the Fed was propping up the market during the Covid-19 pandemic — $46 billion in all. All told, ETFs tracking stocks, fixed income and commodities lured $374 billion over the stretch, the most in two years.