❌ Directly linking market rallies solely to quantitative easing is inaccurate.

In reality, markets have reached strong peaks during periods of tightening, which shows that the decisive factor isn't just the Fed's policy, but the actual liquidity flow into the market.

✔️ Markets have rallied during periods without easing
✔️ And markets have made all-time highs during tightening itself
✔️ And sometimes markets decline despite the presence of easing
💵 Liquidity = the real driver of direction.

So linking rallies only to easing = an oversimplification.