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Charlie Bilello, chief market strategist at Creative Planning, questions the Federal Reserve's decision to expand its balance sheet while stocks are at all-time highs and credit spreads remain near historic lows.
Bilello points out that inflation has averaged over 4% per year since 2019 and has stayed above the Fed's target for 63 consecutive months.
Bilello has recently noted that the S&P 500 ended the week with four consecutive all-time highs, reaching a total of 22 record closes for the year, according to previous commentary. He also reported that the Nasdaq Composite climbed above 27,000 for the first time, marking its third 1,000-point gain this year as highlighted in a recent post. Both benchmarks have advanced despite elevated inflation levels.