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Charlie Bilello, Chief Market Strategist at Creative Planning, LLC, observes that the U.S. stock market is at an all-time high and credit spreads are near all-time lows. He points out that inflation has averaged 4 percent per year for 61 consecutive months since 2019, exceeding the Federal Reserve's target.
Bilello questions why the Federal Reserve is expanding its balance sheet through quantitative easing despite these conditions.
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Bilello has previously highlighted market downturns, noting that the S&P 500 fell 7% in the first 59 trading days of 2026, marking the 14th worst yearly start on record. In earlier research, he observed that 59% of U.S. stocks underperform Treasury bills over their lifetime, with nearly half posting negative total returns. These findings provide context for his latest comments on stock market highs and credit conditions.