Desmond Lachman of AEI writes about what the changes in Fed policy mean for stocks and bonds:

If ever a Federal Reserve has been the stock market’s friend, it has to have been Jerome Powell’s Fed. However, if the recently released minutes of the Fed’s last policy meeting come to pass, the central bank will soon become anything but.
Not only will markets have to learn to cope, at least for a prolonged period, without the benefit of the so-called Fed put, whereby the central bank can be counted upon to support the market at a time of weakness. They will also have to deal with a Fed that’s intent on draining large amounts of liquidity as part of its effort to regain control over inflation.

Read the whole thing here.