Hasn't the last year very clearly demonstrated that the ability to lower interest rates and print money has had far more of an impact on the market than anythin

Hasn't the last year very clearly demonstrated that the ability to lower interest rates and print money has had far more of an impact on the market than anything else? Stocks are practically moving up and down in unison, the market is almost entirely macroeconomics driven when 40% of all USD was created in the last 12 months. If they can invest in total market indices while having the ability to control the money supply, even if they can just go long, it doesn't matter.