Summary
Despite disappointment about easier Fed policy not affecting asset markets, major U.S. stock averages, gold prices, and bitcoin are all at or near all-time highs due to overwhelming demand from spot ETFs. Economic concerns and interest rates have taken a back seat to this trend.
Key Points
1. Easier Fed policy has not affected asset markets, with major U.S. stock averages and the price of gold reaching all-time highs.
2. Bitcoin has also hit a new record this year, with overwhelming demand from spot ETFs overshadowing concerns about the economy or interest rates.
3. Despite disappointment about Fed policy, asset markets, including bitcoin, continue to thrive.