[daxorid]

The FRB is printing $90B per day as part of its open-ended QE program ( $935B in Treasurys and $344B in agency paper since 16 Mar )

While they are not technically buying stocks, every dollar of paper they buy from primary dealer inventory is a dollar that managers will find a home for.

The horrific employment news portends the need for the Fed to make $90B/day look like amateur hour in the near future. Hence, the run up in basically every single asset class today.

Understand that in an era of perpetual debt monetization, silly things like P/E multiples, employment, or earnings growth don't anchor stocks. Infinite liquidity combined with fund managers with a fetish for yield, no matter what the risk, are the only relevant mechanism in town. It's entirely possible to simultaneously have DJIA at 50,000 and half-mile-long lines for soup kitchens in this environment.