How Does Fed Policy Influence Financial Markets?
Robert R. Johnson
Everyone knows that Federal Reserve policy has an effect on security returns. But did you know that small value stocks returned nearly 40% more during periods of expansive monetary policy than during periods of restrictive policy? That’s the kind of data uncovered by three charterholders — Robert Johnson, CFA, Gerald Jensen, CFA, and Luis Garcia-Feijoo, CFA, CIPM — in research leading to their book Invest with the Fed, published in March 2015 by McGraw-Hill.
CFA Institute, "How Does Fed Policy Influence Financial Markets?" (2015). In the News. 265.