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href="#Everything_Bubble_in_2020–21"> <div class="vector-toc-text"> 2.3.1 Everything Bubble in 2020–21 </div> </a> <ul id="toc-Everything_Bubble_in_2020–21-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fed_call_in_2022" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Fed_call_in_2022"> <div class="vector-toc-text"> 2.3.2 Fed call in 2022 </div> </a> <ul id="toc-Fed_call_in_2022-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fed_call_in_2024" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Fed_call_in_2024"> <div class="vector-toc-text"> 2.3.3 Fed call in 2024 </div> </a> <ul id="toc-Fed_call_in_2024-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> 3 See also </div> </a> <ul id="toc-See_also-sublist" 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<div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Monetary policy tool</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Mvc-017x.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Mvc-017x.jpg/220px-Mvc-017x.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Mvc-017x.jpg/330px-Mvc-017x.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/af/Mvc-017x.jpg/440px-Mvc-017x.jpg 2x" data-file-width="1024" data-file-height="768" /></a><figcaption>Alan Greenspan in 2005</figcaption></figure> The Greenspan put was a <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> response to financial crises that <a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a>, former <a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">chair of the Federal Reserve</a>, exercised beginning with the <a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">crash of 1987</a>.<a href="#cite_note-bk1-1">[1]</a><a href="#cite_note-bb5-2">[2]</a><a href="#cite_note-Stig-3">[3]</a> Successful in addressing various crises, it became controversial as it led to periods of extreme speculation led by Wall Street investment banks overusing the put's <a href="/wiki/Repurchase_agreement" title="Repurchase agreement">repurchase agreements</a> (or indirect <a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a>) and creating successive asset price bubbles.<a href="#cite_note-bk1-1">[1]</a><a href="#cite_note-EC1-4">[4]</a> The banks so overused Greenspan's tools that their compromised solvency in the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a> required Fed chair <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> to use direct quantitative easing (the Bernanke put).<a href="#cite_note-bk1-1">[1]</a><a href="#cite_note-FT3-5">[5]</a><a href="#cite_note-EI2-6">[6]</a> The term Yellen put was used to refer to Fed chair <a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a>'s policy of perpetual monetary looseness (i.e. low interest rates and continual quantitative easing).<a href="#cite_note-BK3-7">[7]</a> In Q4 2019, Fed chair <a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> recreated the Greenspan put by providing repurchase agreements to Wall Street investment banks as a way to boost falling asset prices;<a href="#cite_note-FT3-5">[5]</a> in 2020, to combat the financial effects of the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>, Powell re-introduced the Bernanke put with direct quantitative easing to boost asset prices.<a href="#cite_note-Time1-8">[8]</a> In November 2020, Bloomberg noted the Powell put was stronger than both the Greenspan put or the Bernanke put,<a href="#cite_note-bbg6-9">[9]</a> while <a href="/wiki/Time_(magazine)" title="Time (magazine)">Time</a> noted the scale of Powell's monetary intervention in 2020 and the tolerance of multiple asset bubbles as a side-effect of such intervention, "is changing the Fed forever."<a href="#cite_note-Time1-8">[8]</a> While the specific individual tools have varied between each genre of "put", collectively they are often referred to as the Fed put (cf. <a href="/wiki/Central_bank_put" title="Central bank put">Central bank put</a>).<a href="#cite_note-FT3-5">[5]</a><a href="#cite_note-10">[10]</a> In late 2014, concern grew about the emergence of a so-called <a href="/wiki/Everything_bubble" title="Everything bubble">everything bubble</a> due to overuse of the Fed put and perceived simultaneous pricing bubbles in most major US asset classes.<a href="#cite_note-BK3-7">[7]</a><a href="#cite_note-NYT4-11">[11]</a> By late 2020, under Powell's chair the perceived everything bubble had reached an extreme level due to unprecedented monetary looseness by the Fed,<a href="#cite_note-GSFCI-12">[12]</a><a href="#cite_note-AFR-13">[13]</a> which simultaneously sent most major US asset classes (i.e. equities, bonds, housing, and commodities) to prior peaks of historical extreme valuation (and beyond in several cases),<a href="#cite_note-ft1-14">[14]</a><a href="#cite_note-hill1-15">[15]</a><a href="#cite_note-Hill2-16">[16]</a> and created a highly speculative market.<a href="#cite_note-JC1-17">[17]</a><a href="#cite_note-BBG4-18">[18]</a><a href="#cite_note-NYT3-19">[19]</a> By early 2022, in the face of rising inflation, Powell was forced to "prick the everything bubble",<a href="#cite_note-WSJJune2022-20">[20]</a> and his reversal of the Fed put was termed the Fed call (i.e. a <a href="/wiki/Call_option" title="Call option">call option</a> being the opposite of a <a href="/wiki/Put_option" title="Put option">put option</a>).<a href="#cite_note-BarronsJune2022-21">[21]</a><a href="#cite_note-Economist2022-22">[22]</a> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=1" title="Edit section: Overview">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Naming">Naming</h3>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=2" title="Edit section: Naming">edit</a>]</div> The term "Greenspan put" is a play on the term <a href="/wiki/Put_option" title="Put option">put option</a>, which is a financial instrument that creates a contractual obligation giving its holder the right to sell an asset at a particular price to a counterparty, regardless of the prevailing market price of the asset, thus providing a measure of insurance to the holder of the put against falls in the price of the asset.<a href="#cite_note-FT3-5">[5]</a><a href="#cite_note-EC1-4">[4]</a><a href="#cite_note-EI2-6">[6]</a> While Greenspan did not offer such a contractual obligation, under his chair, the Federal Reserve taught markets that when a crisis arose and stock markets fell, the Fed would engage in a series of monetary tools, mostly via Wall Street investment banks, that would cause the stock market falls to reverse. The actions were also referred to as "backstopping" markets.<a href="#cite_note-WPO6-23">[23]</a><a href="#cite_note-DKPS2021-24">[24]</a> <div class="mw-heading mw-heading3"><h3 id="Tools">Tools</h3>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=3" title="Edit section: Tools">edit</a>]</div> The main tools used by the "Greenspan put" were:<a href="#cite_note-bk1-1">[1]</a><a href="#cite_note-EC1-4">[4]</a><a href="#cite_note-Stig-3">[3]</a> <ul><li>Fed purchase of Treasury bonds in large volumes thus lowering the yield and giving Wall Street banks profits on their Treasury books that can be invested in other assets; and</li> <li>Lowering the <a href="/wiki/Federal_funds_rate" title="Federal funds rate">federal funds rate</a>, even to the point of making the real yield negative, which would enable the Wall Street investment banks to borrow capital cheaply from the Fed; and</li> <li>Fed providing Wall Street banks with new loans (called short-term "repurchase agreements," but which could be rolled over indefinitely), to buy the distressed assets (i.e. indirect quantitative easing).</li></ul> Repurchase agreements (also called, "repos") are a form of indirect quantitative easing, whereby the Fed prints the new money, but unlike direct quantitative easing, the Fed does not buy the assets for its own balance sheet, but instead lends the new money to investment banks who themselves purchase the assets.<a href="#cite_note-bk1-1">[1]</a> Repos allow the investment banks to make both capital gains on the assets purchased (to the extent the banks can sell the assets to the private markets at higher prices), but also the <a href="/wiki/Carry_(investment)" title="Carry (investment)">economic carry</a>, being the annual dividend or coupon from the asset, less the interest cost of the repo.<a href="#cite_note-bk1-1">[1]</a> When the balance sheets of investment banks became very stressed during the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, due to excessive use of repos, Fed had to by-pass the banks and employ direct quantitative easing; the "Bernanke put" and the "Yellen put" used mostly direct quantitative easing, whereas the "Powell put" used both direct and indirect forms.<a href="#cite_note-EI2-6">[6]</a><a href="#cite_note-Stig-3">[3]</a> <div class="mw-heading mw-heading3"><h3 id="Use">Use</h3>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=4" title="Edit section: Use">edit</a>]</div> The Fed first engaged in this activity after the <a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">1987 stock market crash</a>, which prompted traders to coin the term Greenspan put.<a href="#cite_note-bk1-1">[1]</a><a href="#cite_note-bb5-2">[2]</a><a href="#cite_note-EC1-4">[4]</a> The Fed also acted to avert further market declines associated with the <a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">savings and loan crisis</a>, the <a href="/wiki/Gulf_War" title="Gulf War">Gulf War</a> and the <a href="/wiki/1994_economic_crisis_in_Mexico" class="mw-redirect" title="1994 economic crisis in Mexico">Mexican crisis</a>. However, the collapse of <a href="/wiki/Long_Term_Capital_Management" class="mw-redirect" title="Long Term Capital Management">Long Term Capital Management</a> in 1998, which coincided with the <a href="/wiki/1997_Asian_Financial_Crisis" class="mw-redirect" title="1997 Asian Financial Crisis">1997 Asian Financial Crisis</a>, led to such a dramatic expansion of the Greenspan Put that it created the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a>.<a href="#cite_note-bk1-1">[1]</a><a href="#cite_note-bb5-2">[2]</a><a href="#cite_note-EC1-4">[4]</a> After the collapse of the Internet bubble, Greenspan amended the tools of the Greenspan put to focus on buying <a href="/wiki/Mortgage-backed_securities" class="mw-redirect" title="Mortgage-backed securities">mortgage-backed securities</a>, as a method of more directly stimulating house price inflation, until that market collapsed in the <a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> and Greenspan retired.<a href="#cite_note-bk1-1">[1]</a><a href="#cite_note-Stig-3">[3]</a><a href="#cite_note-EC1-4">[4]</a><a href="#cite_note-RS1-25">[25]</a> <div class="mw-heading mw-heading3"><h3 id="Side-effects">Side-effects</h3>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=5" title="Edit section: Side-effects">edit</a>]</div> In contrast to the benefits of asset price inflation, a number of adverse side-effects have been identified from the "Greenspan put" (and the other "Fed puts"), including:<a href="#cite_note-bk1-1">[1]</a><a href="#cite_note-Stig-3">[3]</a> <ul><li>Moral hazard. The expectation of a Fed put to arrest market declines created <a href="/wiki/Moral_hazard" title="Moral hazard">moral hazard</a>,<a href="#cite_note-26">[26]</a><a href="#cite_note-27">[27]</a> and was considered a driver of the high levels of speculation that created the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a>.<a href="#cite_note-bk1-1">[1]</a><a href="#cite_note-EC1-4">[4]</a> At the start of the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, Wall Street banks remained relaxed in the expectation the Greenspan put would be activated.<a href="#cite_note-Stig-3">[3]</a><a href="#cite_note-EI2-6">[6]</a> The term "don't fight the Fed" was associated with the "Greenspan Put," implying don't sell or <a href="/wiki/Short_(finance)" title="Short (finance)">short</a> assets when the Fed is actively pushing asset prices higher.<a href="#cite_note-28">[28]</a> Economist <a href="/wiki/John_H._Makin" title="John H. Makin">John H. Makin</a> called it "free insurance for aggressive risk-taking."<a href="#cite_note-WPO6-23">[23]</a></li></ul> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote">"You can't lose in that market," he said, adding "it's like a slot machine" that always pays out. "I've not seen this in my career."<div class="templatequotecite">— <cite><a href="/wiki/CNBC" title="CNBC">CNBC</a> host <a href="/wiki/Jim_Cramer" title="Jim Cramer">Jim Cramer</a> (November 2020), after a prolonged period of the "Powell put."<a href="#cite_note-JC1-17">[17]</a></cite></div></blockquote> <ul><li>Wall Street profits. The Greenspan put created substantial profits for Wall Street investment banks who borrowed large amounts of capital cheaply from the Fed to buy distressed assets during crises. Wall Street learned to use "repurchase agreements" to push non-distressed asset prices even higher, as the positive price action (coupled with more positive analyst notes) that resulted from their "repurchase agreement"-funded buying, stimulated investor interest, who bought the assets off Wall Street at higher prices. Wall Street came to call Greenspan, The Maestro.<a href="#cite_note-bk1-1">[1]</a><a href="#cite_note-Stig-3">[3]</a><a href="#cite_note-EC1-4">[4]</a><a href="#cite_note-EI2-6">[6]</a> In 2009, the CEO of <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a>, <a href="/wiki/Lloyd_Blankfein" title="Lloyd Blankfein">Lloyd Blankfein</a>, notably called using the tools of the Fed put as "doing God's work."<a href="#cite_note-29">[29]</a></li> <li>Wealth inequality. Various economists attribute the Greenspan put (and the subsequent Bernanke and Powell puts, see below), to the historic widening of <a href="/wiki/Wealth_inequality" class="mw-redirect" title="Wealth inequality">wealth inequality</a> in the United States, which bottomed in the 1980s and then rose continually to reach levels not seen since the late 1920s, by late 2020;<a href="#cite_note-30">[30]</a><a href="#cite_note-31">[31]</a> this is disputed by the Fed.<a href="#cite_note-32">[32]</a><a href="#cite_note-Frontline-33">[33]</a></li></ul> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"Yeah, absolutely. You know, I think that's one of the things that's actually really not in contention, right? Like, I don't think there's really anyone on the other side of that issue saying: "No, no, no. The Fed's policies have not driven or increased wealth and income inequality." Except for maybe Fed chair Jerome Powell, himself." <div class="templatequotecite">— <cite>Dion Rabouin of the Wall Street Journal on a June 2022 <a href="/wiki/Frontline_(American_TV_program)" title="Frontline (American TV program)">Frontline (PBS)</a> documentary.<a href="#cite_note-Frontline-33">[33]</a></cite></div></blockquote> <ul><li>Housing bubbles. With each successive reduction in interest rates as part of the "Greenspan put," US house prices responded by moving immediately higher, due to cheaper mortgages. Eventually, stimulating a <a href="/wiki/Wealth_effect" title="Wealth effect">wealth effect</a> through higher house prices became an important component of the "Greenspan put" until it led to the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>.<a href="#cite_note-bk1-1">[1]</a><a href="#cite_note-RS1-25">[25]</a></li> <li>Inflation. Academic research has linked increases in asset prices to consumer inflation.<a href="#cite_note-TE-34">[34]</a> The unprecedented use by Powell of the Fed Put tools during 2020–2021 to combat the financial effects of the coronavirus pandemic, led to exceptional amounts of inflation, forcing Powell to turn the Fed Put into a Fed call (i.e. using the tools to reverse the effects of the Fed put).<a href="#cite_note-TE-34">[34]</a><a href="#cite_note-35">[35]</a> In his 2022 book The Price of Time: The Real Story of Interest, historian <a href="/wiki/Edward_Chancellor" title="Edward Chancellor">Edward Chancellor</a> showed that overuse of "central banking tools such as the Fed put" had led to an "everything bubble" with an inflation "hangover".<a href="#cite_note-36">[36]</a><a href="#cite_note-FortuneC-37">[37]</a></li> <li>Escalating economic crises. <a href="/wiki/Steven_Pearlstein" title="Steven Pearlstein">Steven Pearlstein</a> of <a href="/wiki/The_Washington_Post" title="The Washington Post">The Washington Post</a> described it as: "In essence, the Fed has adopted a strategy that works like a one-way ratchet, providing a floor for stock and bond prices but never a ceiling. The result in part has been a series of financial crises, each requiring a bigger bailout than the last. But when the storm finally passes and it's time to begin sopping up all that emergency credit, the Fed inevitably caves in to pressure from Wall Street, the White House, business leaders and unions and conjures up some rationalization for keeping the party going."<a href="#cite_note-WPO3-38">[38]</a><a href="#cite_note-EC1-4">[4]</a></li> <li>Political interference in markets. The ability of the Greenspan put to make stock markets rise led to concerns of political interference in markets and asset pricing. By 2020, economist <a href="/wiki/Mohamed_A._El-Erian" class="mw-redirect" title="Mohamed A. El-Erian">Mohamed A. El-Erian</a> noted that: "<a href="/wiki/Donald_Trump" title="Donald Trump">Donald Trump</a> believed and repeatedly stated publicly that the stock market validated his policies as president. The more the market rose, the greater the affirmation of his "Make America Great Again" agenda. The president's approach was music to investors' ears. They saw it as supporting, both directly and indirectly, the notion that policymakers needed asset prices to head ever higher. It reinforced the longstanding belief of a "Fed put" — shorthand for the view that the Fed will always step in to rescue the markets — to such an extent that investor conditioning changed markedly."<a href="#cite_note-ft5-39">[39]</a></li></ul> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"> Well, let me just say that the number, I think, that is staggering is that we have more people unemployed and on unemployment benefits than any time in our country's history. We know that the Fed is shoring up the markets so that the stock market can do well. I don't complain about that, I want the market to do well.<div class="templatequotecite">— <cite><a href="/wiki/Nancy_Pelosi" title="Nancy Pelosi">Nancy Pelosi</a> (October 2020), one of the <a href="/wiki/Nancy_Pelosi#Financial_status" title="Nancy Pelosi">richest members of Congress</a>, commenting on why US stock markets were reaching new highs as US unemployment rose sharply.<a href="#cite_note-40">[40]</a></cite></div></blockquote> <div class="mw-heading mw-heading2"><h2 id="Variations">Variations</h2>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=6" title="Edit section: Variations">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Bernanke_put">Bernanke put</h3>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=7" title="Edit section: Bernanke put">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Quantitative_easing#US_QE1,_QE2_and_QE3" title="Quantitative easing">Quantitative easing § US QE1, QE2 and QE3</a></div> During the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, the term "Bernanke put" was invoked to refer to the series of major monetary actions of the then Chair of the Federal Reserve, Ben Bernanke.<a href="#cite_note-NY2-41">[41]</a> Bernanke's actions were similar to the "Greenspan put" (e.g. reduce interest rates, offer repos to banks), with the explicit addition of direct quantitative easing (that included both Treasury bonds and mortgage-backed securities) and at a scale that was unprecedented in the history of the Fed.<a href="#cite_note-42">[42]</a> Bernanke attempted to scale back the level of monetary stimulus in June 2010 by bringing QE1 to a close, however, global markets collapsed again and Bernanke was forced to introduce a second program in November 2010 called QE2. He was also forced to execute a subsequent third longer-term program in September 2012 called QE3.<a href="#cite_note-NY2-41">[41]</a> The markets had become so over-leveraged from decades of the "Greenspan put," that they did not have the capacity to fund US government spending without asset prices collapsing (i.e. investment banks had to sell other assets to buy the new US Treasury bonds).<a href="#cite_note-NY2-41">[41]</a> In 2018, Fed Chair Jerome Powell attempted to roll-back part of the "Bernanke put" for the first time and reduce the size of the Fed's balance in a process called <a href="/wiki/Quantitative_tightening" title="Quantitative tightening">quantitative tightening</a>, with a plan to go from US$4.5 trillion to US$2.5–3 trillion within 4 years,<a href="#cite_note-43">[43]</a> however, the tightening caused global markets to collapse again and Powell was forced to abandon his plan.<a href="#cite_note-44">[44]</a> <div class="mw-heading mw-heading3"><h3 id="Yellen_put">Yellen put</h3>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=8" title="Edit section: Yellen put">edit</a>]</div> The term "Yellen put" refers to the Fed Chair <a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a>, but appears less frequently because Yellen only faced one material market correction during her tenure, in Q1 2016, where she directly invoked the monetary tools.<a href="#cite_note-45">[45]</a><a href="#cite_note-46">[46]</a> The term was also invoked to refer to instances where Yellen sought to maintain high asset prices and market confidence by communicating a desire to maintain a continual loose monetary policy (i.e. very low interest rates and continued quantitative easing).<a href="#cite_note-47">[47]</a><a href="#cite_note-48">[48]</a> Yellen's continual implied put (or perpetual monetary looseness), saw the term Everything Bubble emerge.<a href="#cite_note-NYT4-11">[11]</a><a href="#cite_note-49">[49]</a> During 2015, Bloomberg wrote of Fed monetary policy, "The danger isn't that we're in a unicorn bubble. The danger isn't even that we're in a tech bubble. The danger is that we're in an Everything Bubble – that valuations across the board are simply too high."<a href="#cite_note-50">[50]</a> <a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a> wrote that a global "everything boom" had led to a global "everything bubble," which was driven by: "the world's major central banks have been on a six-year campaign of holding down interest rates and creating more money from thin air to try to stimulate stronger growth in the wake of the financial crisis."<a href="#cite_note-51">[51]</a> As Yellen's term as fed chair came to an end in February 2018, financial writers noticed that several asset classes were simultaneously approaching levels of valuations not seen outside of financial bubbles.<a href="#cite_note-BK3-7">[7]</a><a href="#cite_note-52">[52]</a> <div class="mw-heading mw-heading3"><h3 id="Powell_put">Powell put</h3>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=9" title="Edit section: Powell put">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Quantitative_easing#US_QE4" title="Quantitative easing">Quantitative easing § US QE4</a></div> When Jerome Powell was appointed fed chair in 2018, his initial decision to unwind the Yellen put by raising interest rates and commencing <a href="/wiki/Quantitative_tightening" title="Quantitative tightening">quantitative tightening</a> led to concerns that there might not be a "Powell put."<a href="#cite_note-53">[53]</a> Powell had to abandon this unwind when markets collapsed in Q4 2018 and his reversal was seen as a first sign of the Powell Put.<a href="#cite_note-54">[54]</a> As markets waned in mid-2019, Powell recreated the Greenspan Put by providing large-scale "repurchase agreements" to Wall Street investment banks as a way to boost falling asset prices<a href="#cite_note-FT3-5">[5]</a> and a fear that the Everything Bubble was about to deflate;<a href="#cite_note-55">[55]</a> this was seen as confirmation that a "Powell Put" would be invoked to artificially sustain high asset prices.<a href="#cite_note-56">[56]</a> By the end of 2019, US stock valuations reached valuations not seen since 1999 and so extreme were the valuations of many large US asset classes that Powell's Put was accused of re-creating the Everything Bubble.<a href="#cite_note-ft1-14">[14]</a><a href="#cite_note-hill1-15">[15]</a> In 2020, to combat the financial effects of the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a> and the bursting of the Everything Bubble<a href="#cite_note-57">[57]</a><a href="#cite_note-58">[58]</a> Powell added the tools of the Bernanke put with significant amounts of direct quantitative easing to boost falling prices, further underlying the Powell put.<a href="#cite_note-Time1-8">[8]</a><a href="#cite_note-59">[59]</a><a href="#cite_note-RT1-60">[60]</a> So significant was the Powell put that in June 2020, The Washington Post reported that "The Fed is addicted to propping up the markets, even without a need" and further elaborating with:<a href="#cite_note-WPO3-38">[38]</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">Testifying before the <a href="/wiki/Senate_Banking_Committee" class="mw-redirect" title="Senate Banking Committee">Senate Banking Committee</a>, Fed Chair Jerome H. Powell was pressed by <a href="/wiki/United_States_Senate" title="United States Senate">Sen.</a> <a href="/wiki/Pat_Toomey" title="Pat Toomey">Patrick J. Toomey</a> (<a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">R</a>-<a href="/wiki/Pennsylvania" title="Pennsylvania">Pa.</a>) who asked why the Fed was continuing to intervene in credit markets that are working just fine. "If market functioning continues to improve, then we're happy to slow or even stop the purchases," Powell replied, never mentioning the possibility of selling off the bonds already bought. What Powell knows better than anyone is that the moment the Fed makes any such announcement, it will trigger a sharp sell-off by investors who have become addicted to monetary stimulus. And at this point, with so much other economic uncertainty, the Fed seems to feel it needs the support of markets as much as the markets need the Fed.<div class="templatequotecite">— <cite><a href="/wiki/Steven_Pearlstein" title="Steven Pearlstein">Steven Pearlstein</a>, The Washington Post (June 2020)<a href="#cite_note-WPO3-38">[38]</a></cite></div></blockquote> In August 2020, Bloomberg called Powell's policy response to the COVID-19 pandemic "exuberantly asymmetric" (echoing Alan Greenspan's "<a href="/wiki/Irrational_exuberance" title="Irrational exuberance">irrational exuberance</a>" quote from 1996) and profiled research showing that the Fed's balance sheet was now strongly correlated to being used to rescue falling share prices or boosting flagging share prices, but that it was rarely used to control extreme stock price valuations (as the US market was then experiencing in August 2020).<a href="#cite_note-bbg6-9">[9]</a> In November 2020, Bloomberg noted the "Powell put" was now more extreme than the Greenspan put or Bernanke put.<a href="#cite_note-bbg6-9">[9]</a> <a href="/wiki/Time_(magazine)" title="Time (magazine)">Time</a> noted that the scale of Powell's monetary intervention in 2020 and the tolerance of multiple asset bubbles as a side-effect of such intervention "is changing the Fed forever."<a href="#cite_note-Time1-8">[8]</a> In January 2021, the former <a href="/wiki/Deputy_Governor_of_the_Bank_of_England" title="Deputy Governor of the Bank of England">Deputy Governor of the Bank of England</a> <a href="/wiki/Paul_Tucker_(banker)" title="Paul Tucker (banker)">Sir Paul Tucker</a> called Powell's actions a "supercharged version of the Fed put" and noted that it was being applied to all assets simultaneously: "It's no longer a Greenspan Put or a Bernanke Put or a Yellen Put. It's now the Fed Put and it's everything."<a href="#cite_note-61">[61]</a> <div class="mw-heading mw-heading4"><h4 id="Everything_Bubble_in_2020–21">Everything Bubble in 2020–21</h4>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=10" title="Edit section: Everything Bubble in 2020–21">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Jimcramerphoto.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/Jimcramerphoto.jpg/220px-Jimcramerphoto.jpg" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/Jimcramerphoto.jpg/330px-Jimcramerphoto.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/86/Jimcramerphoto.jpg/440px-Jimcramerphoto.jpg 2x" data-file-width="4288" data-file-height="2848" /></a><figcaption>In November 2020, <a href="/wiki/CNBC" title="CNBC">CNBC</a> host <a href="/wiki/Jim_Cramer" title="Jim Cramer">Jim Cramer</a> said the market created by the Fed in late 2020 was "the most speculative" he had ever seen.<a href="#cite_note-JC1-17">[17]</a></figcaption></figure> By December 2020, Powell's monetary policy, measured by the Goldman Sachs US Financial Conditions Index (GSFCI), was the loosest in the history of the GSFCI and had created simultaneous asset bubbles across most of the major asset classes in the United States:<a href="#cite_note-GSFCI-12">[12]</a><a href="#cite_note-NYT3-19">[19]</a><a href="#cite_note-Hill2-16">[16]</a> For example, in equities,<a href="#cite_note-62">[62]</a> in housing<a href="#cite_note-bb9-63">[63]</a><a href="#cite_note-64">[64]</a> and in bonds.<a href="#cite_note-65">[65]</a> Niche assets such as <a href="/wiki/Cryptocurrencies" class="mw-redirect" title="Cryptocurrencies">cryptocurrencies</a> saw dramatic increases in price during 2020 and Powell won the 2020 Forbes Person of the Year in Crypto.<a href="#cite_note-66">[66]</a> In December 2020, Fed Chair Jerome Powell invoked the "<a href="/wiki/Fed_model" title="Fed model">Fed model</a>" to justify high market valuations, saying: "If you look at <a href="/wiki/Price%E2%80%93earnings_ratio" title="Price–earnings ratio">P/Es</a> they're historically high, but in a world where the risk-free rate is going to be low for a sustained period, the equity premium, which is really the reward you get for taking equity risk, would be what you'd look at."<a href="#cite_note-Bloomberg1-67">[67]</a><a href="#cite_note-68">[68]</a> The creator of the Fed model, Dr. Yardeni, said the Fed's financial actions during the pandemic could form the greatest financial bubble in history.<a href="#cite_note-69">[69]</a> In December 2020, Bloomberg noted "Animal spirits are famously running wild across Wall Street, but crunch the numbers and this bull market is even crazier than it seems."<a href="#cite_note-BBG4-18">[18]</a> CNBC host <a href="/wiki/Jim_Cramer" title="Jim Cramer">Jim Cramer</a> said market created by the Fed in late 2020 was "the most speculative" he had ever seen.<a href="#cite_note-JC1-17">[17]</a> On 29 December 2020, the <a href="/wiki/Australian_Financial_Review" title="Australian Financial Review">Australian Financial Review</a> wrote that "The 'everything bubble' is back in business."<a href="#cite_note-AFR-13">[13]</a> On 7 January 2021, former <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">IMF</a> deputy director <a href="/wiki/Desmond_Lachman" title="Desmond Lachman">Desmond Lachman</a> wrote that the Fed's loose monetary policy had created an "everything market bubble" in markets that matched that of 1929.<a href="#cite_note-Hill2-16">[16]</a> On 24 January 2021, Bloomberg reported that "Pandemic-Era Central Banking Is Creating Bubbles Everywhere" and called it the "Everything Rally," noting that other major central bankers including <a href="/wiki/Haruhiko_Kuroda" title="Haruhiko Kuroda">Haruhiko Kuroda</a> at the <a href="/wiki/Bank_of_Japan" title="Bank of Japan">BOJ</a>, had followed Powell's strategy.<a href="#cite_note-BBG20-70">[70]</a> In contrast, the <a href="/wiki/Bank_of_China" title="Bank of China">Bank of China</a> started withdrawing liquidity in the first quarter of 2021.<a href="#cite_note-71">[71]</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">High up on his list and sooner rather than later, will be dealing with the consequences of the biggest financial bubble in U.S. history. Why the biggest? Because it encompasses not just stocks but pretty much every other financial asset too. And for that, you may thank the Federal Reserve.<div class="templatequotecite">— <cite>Richard Cookson, Bloomberg (4 February 2021)<a href="#cite_note-72">[72]</a></cite></div></blockquote> <div class="mw-heading mw-heading4"><h4 id="Fed_call_in_2022">Fed call in 2022</h4>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=11" title="Edit section: Fed call in 2022">edit</a>]</div> By early 2022, rising inflation forced Powell, and latterly other central banks, to significantly tighten financial conditions including raising interest rates and <a href="/wiki/Quantitative_tightening" title="Quantitative tightening">quantitative tightening</a> (the opposite of quantitative easing), which led to a synchronized fall across most asset prices (i.e. the opposite effect of the Everything Bubble).<a href="#cite_note-BarronsJune2022-21">[21]</a> The Economist noted that the "Fed put" had now become a "Fed call" (i.e. a <a href="/wiki/Call_option" title="Call option">call option</a> being the opposite to a put option).<a href="#cite_note-Economist2022-22">[22]</a> By June 2022, the Wall Street Journal wrote that the Fed had "pricked the Everything Bubble" by "turning the Fed put into a Fed call".<a href="#cite_note-WSJJune2022-20">[20]</a> By June 2022, the US equity market registered a 20 percent fall from its 2021 high, a situation that historically had led to the "Fed put" being invoked to reverse the correction, however, the Fed instead chose to tighten markets even further by raising rates and increasing quantitative tightening.<a href="#cite_note-PCoggan-73">[73]</a> Financial journalist <a href="/wiki/Philip_Coggan" title="Philip Coggan">Philip Coggan</a> likened the market's faith in the "Greenspan put" to the <a href="/wiki/Tinkerbell_effect" title="Tinkerbell effect">Tinkerbell phenomenon</a> of <a href="/wiki/J._M._Barrie" title="J. M. Barrie">J. M. Barrie</a>'s play, <a href="/wiki/Peter_Pan" title="Peter Pan">Peter Pan</a>, saying "Investors used to believe central banks would rescue them — now they worry the banks might bury them".<a href="#cite_note-PCoggan-73">[73]</a> <a href="/wiki/MoneyWeek" title="MoneyWeek">MoneyWeek</a> declared "The Greenspan put is dead".<a href="#cite_note-74">[74]</a> In July 2022, the former governor of the <a href="/wiki/Reserve_Bank_of_New_Zealand" title="Reserve Bank of New Zealand">Reserve Bank of New Zealand</a>, <a href="/wiki/Graeme_Wheeler" title="Graeme Wheeler">Graeme Wheeler</a>, co-wrote a paper attributing the post-COVID surge in inflation to the overuse of central banking tools and the Fed put toolset in particular.<a href="#cite_note-75">[75]</a> A few days after the publication of Wheeler's paper, an independent investigation was launched into the role of the <a href="/wiki/Reserve_Bank_of_Australia" title="Reserve Bank of Australia">Reserve Bank of Australia</a> in the post-COVID inflation surge experienced in Australia.<a href="#cite_note-76">[76]</a> Financial historian <a href="/wiki/Edward_Chancellor" title="Edward Chancellor">Edward Chancellor</a> said "central banks' unsustainable policies have created an "everything bubble", leaving the global economy with an inflation "hangover".<a href="#cite_note-FortuneC-37">[37]</a> <div class="mw-heading mw-heading4"><h4 id="Fed_call_in_2024">Fed call in 2024</h4>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=12" title="Edit section: Fed call in 2024">edit</a>]</div> In mid-2024 easing inflation and weakening job markets were setting expectations for the Fed to cut rates in its September meeting.<a href="#cite_note-77">[77]</a> The Fed cut rates by 50 points, which Powell referred to as a "recalibration" in emphasis on labor market strength compared to lowering inflation.<a href="#cite_note-78">[78]</a> The drop is the first of a series of expected cuts that could mirror Greenspan's cuts in 1995 and 1996, which brought the central rate to Greenspan's preferred "neutral rate".<a href="#cite_note-79">[79]</a> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=13" title="Edit section: See also">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul> <ul><li><a href="/wiki/Austrian_Business_Cycle_Theory" class="mw-redirect" title="Austrian Business Cycle Theory">Austrian Business Cycle Theory</a></li> <li><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></li> <li><a href="/wiki/Criticism_of_the_Federal_Reserve" title="Criticism of the Federal Reserve">Criticism of the Federal Reserve</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Privatizing_profits_and_socializing_losses" class="mw-redirect" title="Privatizing profits and socializing losses">Privatizing profits and socializing losses</a></li> <li><a href="/wiki/Speculative_bubble" class="mw-redirect" title="Speculative bubble">Speculative bubble</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li> <li><a href="/wiki/Zero_interest-rate_policy" title="Zero interest-rate policy">Zero interest-rate policy</a> (ZIRP)</li> <li><a href="/wiki/Easy_money_policy" title="Easy money policy">Easy money policy</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=14" title="Edit section: References">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-bk1-1">^ <a href="#cite_ref-bk1_1-0">a</a> <a href="#cite_ref-bk1_1-1">b</a> <a href="#cite_ref-bk1_1-2">c</a> <a href="#cite_ref-bk1_1-3">d</a> <a href="#cite_ref-bk1_1-4">e</a> <a href="#cite_ref-bk1_1-5">f</a> <a href="#cite_ref-bk1_1-6">g</a> <a href="#cite_ref-bk1_1-7">h</a> <a href="#cite_ref-bk1_1-8">i</a> <a href="#cite_ref-bk1_1-9">j</a> <a href="#cite_ref-bk1_1-10">k</a> <a href="#cite_ref-bk1_1-11">l</a> <a href="#cite_ref-bk1_1-12">m</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFFleckensteinSheehan2008" class="citation book cs1">Fleckenstein, William; Sheehan, Frederick (16 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Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve. <a href="/wiki/McGraw-Hill_Education" class="mw-redirect" title="McGraw-Hill Education">McGraw-Hill Education</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0071591584" title="Special:BookSources/978-0071591584"><bdi>978-0071591584</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Greenspan%27s+Bubbles%3A+The+Age+of+Ignorance+at+the+Federal+Reserve&rft.pub=McGraw-Hill+Education&rft.date=2008-02-16&rft.isbn=978-0071591584&rft.aulast=Fleckenstein&rft.aufirst=William&rft.au=Sheehan%2C+Frederick&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreenspan+put" class="Z3988"> </li> <li id="cite_note-bb5-2">^ <a href="#cite_ref-bb5_2-0">a</a> <a href="#cite_ref-bb5_2-1">b</a> <a href="#cite_ref-bb5_2-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDuy2018" class="citation web cs1">Duy, Tim (13 February 2018). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/opinion/articles/2018-02-13/powell-s-fed-isn-t-about-to-end-the-greenspan-put">"Powell's Fed Isn't About to End the 'Greenspan Put'"</a>. <a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a>. 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Retrieved 2024-10-02.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=AP+News&rft.atitle=Sluggish+US+jobs+report+clears+the+way+for+Federal+Reserve+to+cut+interest+rates&rft.date=2024-09-06&rft_id=https%3A%2F%2Fapnews.com%2Farticle%2Fjobs-hiring-federal-reserve-inflation-unemployment-economy-bac1b453d3873d5f23f2061344d28fd9&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreenspan+put" class="Z3988"> </li> <li id="cite_note-78"><a href="#cite_ref-78">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchneider2024" class="citation news cs1">Schneider, Howard (September 18, 2024). <a rel="nofollow" class="external text" href="https://www.reuters.com/markets/rates-bonds/with-feds-rate-cut-hand-debate-swirls-over-how-big-move-2024-09-18/">"Fed unveils oversized rate cut as it gains 'greater confidence' about inflation"</a>. Reuters. Retrieved October 1, 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Fed+unveils+oversized+rate+cut+as+it+gains+%27greater+confidence%27+about+inflation&rft.date=2024-09-18&rft.aulast=Schneider&rft.aufirst=Howard&rft_id=https%3A%2F%2Fwww.reuters.com%2Fmarkets%2Frates-bonds%2Fwith-feds-rate-cut-hand-debate-swirls-over-how-big-move-2024-09-18%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreenspan+put" class="Z3988"> </li> <li id="cite_note-79"><a href="#cite_ref-79">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBack2024" class="citation news cs1">Back, Aaron (September 19, 2024). <a rel="nofollow" class="external text" href="https://www.wsj.com/economy/central-banking/the-fed-aims-to-repeat-greenspans-1990s-masterpiece-69613b85">"The Fed Aims to Repeat Greenspan's 1990s Masterpiece"</a>. The Wall Street Journal. Retrieved October 1, 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=The+Fed+Aims+to+Repeat+Greenspan%E2%80%99s+1990s+Masterpiece&rft.date=2024-09-19&rft.aulast=Back&rft.aufirst=Aaron&rft_id=https%3A%2F%2Fwww.wsj.com%2Feconomy%2Fcentral-banking%2Fthe-fed-aims-to-repeat-greenspans-1990s-masterpiece-69613b85&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreenspan+put" class="Z3988"> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=15" title="Edit section: Further reading">edit</a>]</div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCieslakVissing-Jorgensen2020" class="citation web cs1">Cieslak, Anna; Vissing-Jorgensen, Annette (March 2020). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2951402">"The Economics of the Fed Put"</a>. <a href="/wiki/National_Bureau_of_Economic_Research" title="National Bureau of Economic Research">National Bureau of Economic Research</a>. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2951402">2951402</a>. <q>Working Paper No. w26894</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Economics+of+the+Fed+Put&rft.pub=National+Bureau+of+Economic+Research&rft.date=2020-03&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2951402%23id-name%3DSSRN&rft.aulast=Cieslak&rft.aufirst=Anna&rft.au=Vissing-Jorgensen%2C+Annette&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2951402&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreenspan+put" class="Z3988"></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrancaccioFontana2011" class="citation journal cs1">Brancaccio, Emiliano; Fontana, Giuseppe (2011). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/23723542">"From Maestro to Villain: A Critical Assessment of the 'Greenspan Put" as the main cause of the global crisis"</a>. History of Economic Ideas. 19 (2). Accademia Editoriale: 131–146. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/23723542">23723542</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=History+of+Economic+Ideas&rft.atitle=From+Maestro+to+Villain%3A+A+Critical+Assessment+of+the+%27Greenspan+Put%22+as+the+main+cause+of+the+global+crisis&rft.volume=19&rft.issue=2&rft.pages=131-146&rft.date=2011&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F23723542%23id-name%3DJSTOR&rft.aulast=Brancaccio&rft.aufirst=Emiliano&rft.au=Fontana%2C+Giuseppe&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F23723542&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreenspan+put" class="Z3988"></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFleckensteinSheehan2008" class="citation book cs1">Fleckenstein, William; Sheehan, Frederick (16 February 2008). Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve. <a href="/wiki/McGraw-Hill_Education" class="mw-redirect" title="McGraw-Hill Education">McGraw-Hill Education</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0071591584" title="Special:BookSources/978-0071591584"><bdi>978-0071591584</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Greenspan%27s+Bubbles%3A+The+Age+of+Ignorance+at+the+Federal+Reserve&rft.pub=McGraw-Hill+Education&rft.date=2008-02-16&rft.isbn=978-0071591584&rft.aulast=Fleckenstein&rft.aufirst=William&rft.au=Sheehan%2C+Frederick&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreenspan+put" class="Z3988"></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMillerWellerZhang2002" class="citation journal cs1">Miller, Marcus; Weller, Paul; Zhang, Lei (2002). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/798366">"Moral Hazard and the US Stock Market: Analysing the 'Greenspan Put'"</a>. <a href="/wiki/The_Economic_Journal" title="The Economic Journal">The Economic Journal</a>. 112 (478). <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>: 171–186. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2F1468-0297.00029">10.1111/1468-0297.00029</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/798366">798366</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:197763183">197763183</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economic+Journal&rft.atitle=Moral+Hazard+and+the+US+Stock+Market%3A+Analysing+the+%27Greenspan+Put%27&rft.volume=112&rft.issue=478&rft.pages=171-186&rft.date=2002&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A197763183%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F798366%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1111%2F1468-0297.00029&rft.aulast=Miller&rft.aufirst=Marcus&rft.au=Weller%2C+Paul&rft.au=Zhang%2C+Lei&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F798366&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreenspan+put" class="Z3988"></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDahiyaKamradPotìSiddique2019" class="citation journal cs1">Dahiya, Sandeep; Kamrad, Bardia; Potì, Valerio; Siddique, Akhtar R. (January 2019). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2993326">"The Greenspan Put"</a>. SSRN. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2993326">2993326</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=SSRN&rft.atitle=The+Greenspan+Put&rft.date=2019-01&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2993326%23id-name%3DSSRN&rft.aulast=Dahiya&rft.aufirst=Sandeep&rft.au=Kamrad%2C+Bardia&rft.au=Pot%C3%AC%2C+Valerio&rft.au=Siddique%2C+Akhtar+R.&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2993326&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreenspan+put" class="Z3988"></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2>[<a href="/w/index.php?title=Greenspan_put&action=edit&section=16" title="Edit section: External links">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><div class="side-box metadata side-box-right"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-flex"> <div class="side-box-image"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/32/Scholia_logo.svg/40px-Scholia_logo.svg.png" decoding="async" width="40" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/32/Scholia_logo.svg/60px-Scholia_logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/32/Scholia_logo.svg/80px-Scholia_logo.svg.png 2x" data-file-width="107" data-file-height="104" /></div> <div class="side-box-text plainlist"><a href="https://www.wikidata.org/wiki/Wikidata:Scholia" class="extiw" title="d:Wikidata:Scholia">Scholia</a> has a profile for <a href="https://iw.toolforge.org/scholia/Q5604554" class="extiw" title="toolforge:scholia/Q5604554">Greenspan put (Q5604554)</a>.</div></div> </div> <ul><li><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/g/greenspanput.asp">Greenspan Put</a>, Investopedia.</li> <li><a rel="nofollow" class="external text" href="https://archive.vanityfair.com/article/2015/10/the-everything-bubble">The Everything Bubble</a>, <a href="/wiki/Vanity_Fair_(magazine)" title="Vanity Fair (magazine)">Vanity Fair</a> (October 2015)</li> <li><a rel="nofollow" class="external text" href="https://www.pbs.org/wgbh/frontline/podcast/dispatch/the-federal-reserves-big-experiment/transcript/">The Federal Reserve’s Big Experiment</a>, <a href="/wiki/Frontline_(American_TV_program)" title="Frontline (American TV program)">FRONTLINE</a> (Documentary on the Fed Put, June 2022)</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist 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src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/80px-Seal_of_the_United_States_Federal_Reserve_System.svg.png" decoding="async" width="80" height="80" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/120px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/160px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 2x" data-file-width="249" data-file-height="249" /></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Reports</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Beige_Book" title="Beige Book">Beige Book</a></li> <li><a href="/wiki/Federal_Reserve_Statistical_Release" title="Federal Reserve 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class="navbox-group" style="width:1%"><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">History</a> (<a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">Antecedents</a>)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aldrich%E2%80%93Vreeland_Act" title="Aldrich–Vreeland Act">Aldrich–Vreeland Act</a> (1908)</li> <li><a href="/wiki/National_Monetary_Commission" title="National Monetary Commission">National Monetary Commission</a> (1909–1912)</li> <li><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> (1913)</li> <li><a href="/wiki/Pittman_Act" title="Pittman Act">Pittman Act</a> (1918)</li> <li><a href="/wiki/Edge_Act" title="Edge Act">Edge Act</a> (1919)</li> <li><a href="/wiki/Phelan_Act_of_1920" title="Phelan Act of 1920">Phelan Act</a> (1920)</li> <li><a href="/wiki/Regulation_D_(FRB)" title="Regulation D (FRB)">Regulation D</a> (c. 1930)</li> <li><a href="/wiki/Emergency_Banking_Act" class="mw-redirect" title="Emergency Banking Act">Emergency Banking Act</a> (1933)</li> <li><a href="/wiki/Regulation_Q" title="Regulation Q">Regulation Q</a> (1933)</li> <li><a href="/wiki/1933_Banking_Act" title="1933 Banking Act">Glass–Steagall Act</a> (1933)</li> <li><a href="/wiki/Gold_Reserve_Act" title="Gold Reserve Act">Gold Reserve Act</a> (1934)</li> <li><a href="/wiki/Banking_Act_of_1935" title="Banking Act of 1935">Banking Act of 1935</a></li> <li><a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> (1944–1971)</li> <li><a href="/wiki/Employment_Act_of_1946" title="Employment Act of 1946">Employment Act of 1946</a></li> <li><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">U.S. Treasury Department Accord</a> (1951)</li> <li><a href="/wiki/Bank_Holding_Company_Act" title="Bank Holding Company Act">Bank Holding Company Act</a> (1956)</li> <li><a href="/wiki/History_of_Federal_Open_Market_Committee_actions" title="History of Federal Open Market Committee actions">FOMC actions</a> (1961–present)</li> <li><a href="/wiki/Truth_in_Lending_Act" title="Truth in Lending Act">Truth in Lending Act</a> (1968)</li> <li><a href="/wiki/Nixon_shock" title="Nixon shock">Nixon shock</a> (1971)</li> <li><a href="/wiki/Smithsonian_Agreement" title="Smithsonian Agreement">Smithsonian Agreement</a> (1971)</li> <li><a href="/wiki/Equal_Credit_Opportunity_Act" title="Equal Credit Opportunity Act">Equal Credit Opportunity Act</a> (1974)</li> <li><a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure Act</a> (1975)</li> <li><a href="/wiki/Community_Reinvestment_Act" title="Community Reinvestment Act">Community Reinvestment Act</a> (1977)</li> <li><a href="/wiki/Federal_Reserve_Reform_Act_of_1977" title="Federal Reserve Reform Act of 1977">Federal Reserve Reform Act</a> (1977)</li> <li><a href="/wiki/Electronic_Fund_Transfer_Act" title="Electronic Fund Transfer Act">Electronic Fund Transfer Act</a> (1978)</li> <li><a href="/wiki/Humphrey%E2%80%93Hawkins_Full_Employment_Act" title="Humphrey–Hawkins Full Employment Act">Humphrey–Hawkins Full Employment Act</a> (1978)</li> <li><a href="/wiki/International_Banking_Act_of_1978" title="International Banking Act of 1978">International Banking Act</a> (1978)</li> <li><a href="/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act" title="Depository Institutions Deregulation and Monetary Control Act">DIDMC Act</a> (1980)</li> <li><a href="/wiki/Board_of_Governors,_FRS_v._Investment_Co._Institute" title="Board of Governors, FRS v. Investment Co. Institute">Federal Reserve v. Investment Co. Institute</a> (1981)</li> <li><a href="/wiki/Bank_of_New_England" title="Bank of New England">Northeast Bancorp v. Federal Reserve</a> (1985)</li> <li><a class="mw-selflink selflink">Greenspan put</a> (1987)</li> <li><a href="/wiki/Expedited_Funds_Availability_Act" title="Expedited Funds Availability Act">Expedited Funds Availability Act</a> (1987)</li> <li><a href="/wiki/Financial_Institutions_Reform,_Recovery,_and_Enforcement_Act_of_1989" title="Financial Institutions Reform, Recovery, and Enforcement Act of 1989">FIRRE Act</a> (1989)</li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation_Improvement_Act_of_1991" title="Federal Deposit Insurance Corporation Improvement Act of 1991">FDIC Improvement Act</a> (1991)</li> <li><a href="/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act" title="Gramm–Leach–Bliley Act">Gramm–Leach–Bliley Act</a> (1999)</li> <li><a href="/wiki/Federal_Reserve_responses_to_the_subprime_crisis" title="Federal Reserve responses to the subprime crisis">Subprime mortgage crisis responses</a> (2007–2010)</li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act</a> (2008)</li> <li><a href="/wiki/Unfair_or_Deceptive_Acts_or_Practices" title="Unfair or Deceptive Acts or Practices">Unfair or Deceptive Acts or Practices</a> (2008)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2008–2010)</li> <li><a href="/wiki/Primary_Dealer_Credit_Facility" title="Primary Dealer Credit Facility">Primary Dealer Credit Facility</a> (2008–2010)</li> <li><a href="/wiki/Bloomberg_L.P._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Bloomberg L.P. v. Board of Governors of the Federal Reserve System">Bloomberg v. Federal Reserve</a> (2009)</li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">2009 Supervisory Capital Assessment Program</a></li> <li><a href="/wiki/Term_Asset-Backed_Securities_Loan_Facility" title="Term Asset-Backed Securities Loan Facility">Term Asset-Backed Securities Loan Facility</a> (2009–2010)</li> <li><a href="/wiki/Public%E2%80%93Private_Investment_Program_for_Legacy_Assets" title="Public–Private Investment Program for Legacy Assets">Public–Private Investment Program for Legacy Assets</a> (2009–)</li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Act</a> (2010; <a href="/wiki/Durbin_amendment" title="Durbin amendment">Durbin amendment</a>)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2020–2021)</li> <li><a href="/wiki/Corner_Post,_Inc._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Corner Post, Inc. v. Board of Governors of the Federal Reserve System">Corner Post v. Federal Reserve</a> (2024)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chairs</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Charles_Sumner_Hamlin" title="Charles Sumner Hamlin">Charles S. Hamlin</a> (1914–1916)</li> <li><a href="/wiki/William_P._G._Harding" title="William P. G. Harding">William P. G. Harding</a> (1916–1922)</li> <li><a href="/wiki/Daniel_Richard_Crissinger" title="Daniel Richard Crissinger">Daniel R. Crissinger</a> (1923–1927)</li> <li><a href="/wiki/Roy_A._Young" title="Roy A. Young">Roy A. Young</a> (1927–1930)</li> <li><a href="/wiki/Eugene_Meyer_(financier)" title="Eugene Meyer (financier)">Eugene Meyer</a> (1930–1933)</li> <li><a href="/wiki/Eugene_Robert_Black" title="Eugene Robert Black">Eugene R. Black</a> (1933–1934)</li> <li><a href="/wiki/Marriner_S._Eccles" title="Marriner S. Eccles">Marriner S. Eccles</a> (1934–1948)</li> <li><a href="/wiki/Thomas_B._McCabe" title="Thomas B. McCabe">Thomas B. McCabe</a> (1948–1951)</li> <li><a href="/wiki/William_McChesney_Martin" title="William McChesney Martin">William M. Martin</a> (1951–1970)</li> <li><a href="/wiki/Arthur_F._Burns" title="Arthur F. Burns">Arthur F. Burns</a> (1970–1978)</li> <li><a href="/wiki/G._William_Miller" title="G. William Miller">G. William Miller</a> (1978–1979)</li> <li><a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a> (1979–1987)</li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a> (1987–2006)</li> <li><a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> (2006–2014)</li> <li><a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a> (2014–2018)</li> <li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (2018–present)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Current governors</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (<a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chair</a>)</li> <li><a href="/wiki/Philip_Jefferson" title="Philip Jefferson">Philip Jefferson</a> (<a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair</a>)</li> <li><a href="/wiki/Michael_Barr_(Treasury_official)" class="mw-redirect" title="Michael Barr (Treasury official)">Michael Barr</a> (<a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair for Supervision</a>)</li> <li><a href="/wiki/Michelle_Bowman" title="Michelle Bowman">Michelle Bowman</a></li> <li><a href="/wiki/Christopher_Waller" title="Christopher Waller">Christopher Waller</a></li> <li><a href="/wiki/Lisa_D._Cook" title="Lisa D. Cook">Lisa D. Cook</a></li> <li><a href="/wiki/Adriana_Kugler" title="Adriana Kugler">Adriana Kugler</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Current presidents (by district)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Susan_M._Collins_(economist)" title="Susan M. Collins (economist)">Susan Collins</a> (<a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a>)</li> <li><a href="/wiki/John_C._Williams_(economist)" title="John C. Williams (economist)">John Williams</a> (<a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York</a>)</li> <li><a href="/wiki/Patrick_T._Harker" title="Patrick T. Harker">Patrick T. Harker</a> (<a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a>)</li> <li><a href="/wiki/Beth_M._Hammack" title="Beth M. Hammack">Beth M. Hammack</a> (<a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a>)</li> <li><a href="/wiki/Thomas_Barkin" title="Thomas Barkin">Thomas Barkin</a> (<a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a>)</li> <li><a href="/wiki/Raphael_Bostic" title="Raphael Bostic">Raphael Bostic</a> (<a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a>)</li> <li><a href="/wiki/Austan_Goolsbee" title="Austan Goolsbee">Austan Goolsbee</a> (<a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a>)</li> <li><a href="/wiki/Alberto_Musalem" title="Alberto Musalem">Alberto Musalem</a> (<a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a>)</li> <li><a href="/wiki/Neel_Kashkari" title="Neel Kashkari">Neel Kashkari</a> (<a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a>)</li> <li><a href="/wiki/Jeffrey_Schmid" title="Jeffrey Schmid">Jeff Schmid</a> (<a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a>)</li> <li><a href="/wiki/Lorie_K._Logan" title="Lorie K. Logan">Lorie Logan</a> (<a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a>)</li> <li><a href="/wiki/Mary_C._Daly" title="Mary C. Daly">Mary C. Daly</a> (<a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Criticism_of_the_Federal_Reserve" title="Criticism of the Federal Reserve">Criticism of the Federal Reserve</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Fedspeak" title="Fedspeak">Fedspeak</a></li> <li><a href="/wiki/Fed_put" class="mw-redirect" title="Fed put">Fed put</a></li> <li><a href="/wiki/Lender_of_last_resort" title="Lender of last resort">Lender of last resort</a></li> <li><a href="/wiki/Monetary_policy_of_the_United_States" title="Monetary policy of the United States">Monetary policy of the United States</a> <ul><li><a href="/wiki/History_of_monetary_policy_in_the_United_States" title="History of monetary policy in the United States">History</a></li></ul></li> <li><a href="/wiki/Personal_consumption_expenditures_price_index" title="Personal consumption expenditures price index">Personal consumption expenditures price index</a></li> <li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_markets" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets_navigation" title="Template:Financial markets navigation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets_navigation" title="Template talk:Financial markets navigation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets_navigation" title="Special:EditPage/Template:Financial markets navigation"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_markets" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Capital_market" title="Capital market">markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Primary_market" title="Primary market">Primary market</a></li> <li><a href="/wiki/Secondary_market" title="Secondary market">Secondary market</a></li> <li><a href="/wiki/Third_market" title="Third market">Third market</a></li> <li><a href="/wiki/Fourth_market" title="Fourth market">Fourth market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Restricted_stock" title="Restricted stock">Restricted stock</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Authorised_capital" title="Authorised capital">Authorised capital</a></li> <li><a href="/wiki/Issued_shares" title="Issued shares">Issued shares</a></li> <li><a href="/wiki/Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broker" title="Broker">Broker</a> <ul><li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li> <li><a href="/wiki/Broker-dealer" title="Broker-dealer">Broker-dealer</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Market maker</a></li> <li><a href="/wiki/Trader_(finance)" title="Trader (finance)">Trader</a> <ul><li><a href="/wiki/Floor_trader" title="Floor trader">Floor trader</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedger</a></li> <li><a href="/wiki/Speculator" class="mw-redirect" title="Speculator">Speculator</a></li> <li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrager</a> <ul><li><a href="/wiki/Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchange_trading_hours" class="mw-redirect" title="List of stock exchange trading hours">Trading hours</a></li></ul></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li> <li><a href="/wiki/Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li> <li><a href="/wiki/Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li> <li><a href="/wiki/Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li> <li><a href="/wiki/Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li> <li><a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li> <li><a href="/wiki/Crossing_network" title="Crossing network">Crossing network</a></li> <li><a href="/wiki/Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_(finance)" title="Alpha (finance)">Alpha</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li> <li><a href="/wiki/Beta_(finance)" title="Beta (finance)">Beta</a></li> <li><a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li> <li><a href="/wiki/Book_value" title="Book value">Book value</a> (BV)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li> <li><a href="/wiki/Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li> <li><a href="/wiki/Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li> <li><a href="/wiki/Dividend_yield" title="Dividend yield">Dividend yield</a></li> <li><a href="/wiki/Earnings_yield" title="Earnings yield">Earnings yield</a></li> <li><a href="/wiki/EV/EBITDA" class="mw-redirect" title="EV/EBITDA">EV/EBITDA</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li> <li><a href="/wiki/Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li> <li><a href="/wiki/Security_market_line" title="Security market line">Security market line</a> (SML)</li> <li><a href="/wiki/T-model" title="T-model">T-model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories and <a href="/wiki/Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a></li> <li><a href="/wiki/Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li> <li><a href="/wiki/Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Market_timing" title="Market timing">Market timing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Pairs_trade" title="Pairs trade">Pairs trade</a></li> <li><a href="/wiki/Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li> <li><a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li> <li><a href="/wiki/Sector_rotation" title="Sector rotation">Sector rotation</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a></li> <li><a href="/wiki/Swing_trading" title="Swing trading">Swing trading</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li> <li><a href="/wiki/Value_averaging" title="Value averaging">Value averaging</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li> <li><a href="/wiki/Block_trade" title="Block trade">Block trade</a></li> <li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Dividend" title="Dividend">Dividend</a></li> <li><a href="/wiki/Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li> <li><a href="/wiki/DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li> <li><a href="/wiki/Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a class="mw-selflink selflink">Greenspan put</a></li> <li><a href="/wiki/Haircut_(finance)" title="Haircut (finance)">Haircut</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li> <li><a href="/wiki/Long_(finance)" title="Long (finance)">Long</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Market_anomaly" title="Market anomaly">Market anomaly</a></li> <li><a href="/wiki/Market_capitalization" title="Market capitalization">Market capitalization</a></li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li> <li><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></li> <li><a href="/wiki/Open_outcry" title="Open outcry">Open outcry</a></li> <li><a href="/wiki/Order_book" title="Order book">Order book</a></li> <li><a href="/wiki/Position_(finance)" title="Position (finance)">Position</a></li> <li><a href="/wiki/Public_float" title="Public float">Public float</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">Rally</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li> <li><a href="/wiki/Share_repurchase" title="Share repurchase">Share repurchase</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li> <li><a href="/wiki/Short_squeeze" title="Short squeeze">Short squeeze</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stock_market_index" title="Stock market index">Stock market index</a></li> <li><a href="/wiki/Stock_split" title="Stock split">Stock split</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Trade_(financial_instrument)" class="mw-redirect" title="Trade (financial instrument)">Trade</a></li> <li><a href="/wiki/Tender_offer" title="Tender 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