Richard Steinberg, CFA, Chief Market Strategist for The Colony Group, participated in the CNBC Fed Survey published September 15, 2020, which represents the opinions of 37 of the nation’s money managers, investment strategists, and professional economists. His comments are below:

The Fed has created overly risky behavior in the equity and bond markets. The TINA mentality is directly linked to the open checkbook in bond buying and abnormally low rates. As soon as things start to normalize, post-vaccine, the Fed should slowly signal an end to its program and a slow unwind of the backstop.

Download the CNBC Fed Survey 2020: