While Fed policy and interest rate cuts certainly gave fuel to the fire, there's also just plain old supply & demand that is causing asset prices to rise. Hous

While Fed policy and interest rate cuts certainly gave fuel to the fire, there's also just plain old supply & demand that is causing asset prices to rise. Houses? Turns out when you force people to stay home all day they suddenly decide apartment living sucks (more demand). It also turns out, people are resistant to the idea of having strangers tour their home during a pandemic (restricted supply). Stocks? Crypto? Turns out when you give people lots of money with no strings attached and then remove their favorite options for spending it (restaurants, travel, entertainment), they will invest or gamble it instead. Collectibles? Turns out, in scary times, bored people with money will start returning to childhood comforts like trading cards and nostalgia. Etc. Etc. This idea that the Federal Reserve is some all-powerful puppet master is a little overblown. Interest rates are insanely influential, but they pale in comparison to the forces created by the whims of the crowd.