Dallas Federal Reserve Bank President Robert Kaplan poses at a luncheon in El Paso, Texas, U.S., October 2, 2018.Robert Kaplan told Bloomberg on Monday that markets must understand the Fed programs have a "sunset date."
On the primary and secondary credit market facilities, as well as the municipal program, Kaplan said that "usage is not an indicator of the power of the program."Robert Kaplan, president of the Federal Reserve Bank of Dallas, told Bloomberg on Monday that it's very important that the markets understand the Fed-supported programs "will lapse."
Kaplan also said "13 programs have helped backstop these financial markets." Section 13 of the Federal Reserve Act grants the Fed emergency lending authority. The Main Street New Loan Facility and the Primary and Secondary Market Corporate Credit Facilities are all 13 programs.
Kaplan said that "usage is not an indicator of the power of the program. Just by announcing these programs and making clear that we would help provide a backstop to these markets, you've seen a substantial rally and flow of funds into these markets."
So he's admitting that the Fed is propping up prices.
Not just “markets” but, you know, people.
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