While the Fed had no explicit mandate to focus on the stock market, the effects of the run-up in prices seemed to me a legitimate concern
I am not attuned to this market environment, and I don’t want to spoil a decent record by trying to play a game I don’t understand just so I can go out a hero.
The S&P 500 appears to cross through the two standard deviation channel in mid-1996.
These charts tend to exaggerate recent prices and understate older prices. As the time period increases the distortions of the chart increase.