The Federal Reserve’s easy-money policies have supported higher stock prices for years, while depressing yields on income securities and bank accounts. But this year has been different.
Until the 11% correction for the S&P 500 Index between Aug. 17 and the close on Aug. 25, the benchmark index had been in a tight range this year, neither up nor down more than 3.7%. The index has fallen 3.1% so far this year.
“The market is being held back by the Fed and the uncertainty,” according to Aaron Jett, vice president of global equity research for Los Angeles-based Bel Air Investment Advisors, which has about $7 billion in assets under management for 300 wealthy clients.
