The Prudent Retiree - March 17, 2021

Prudent Retiree is pretty sure Jay Powell, the Chairman of the Federal Reserve, is a big fan of Sly. We’re sure “Wanna Take You Higher” must be his favorite song. Rumor has it he was right up front in the mud when Sly and the Family Stone electrified the crowds with their performance of the song at Woodstock.

Well, Prudent Retiree is not certain about any of the above, but we are sure Sly played at Woodstock and Mr. Powell wants to take the economy and the market higher. In March of 2020, the Fed lowered interest rates to essentially zero and began a massive bond buying program to rescue the US economy from the Covid-19 contraction and spur stock prices higher. The Fed’s actions have been wildly successful in spite of all the Covid and political turmoil. Don’t be taken in by the media, don’t fight the fed.

Sly and the Family Stone were pioneers of 1960’s psychedelic funk music. They were the first major American rock group to have a racially integrated, male and female line up. They were inducted into the Rock and Roll Hall of Fame in 1993. Sly encouraged America to dance to the music and many of their songs are still popular today.

We’re not exactly sure where Sly was going when he wanted to take us higher, but Prudent Retiree knows Mr. Powell wants to take investors’ portfolios higher. Maintain your current allocations, tune in some Sly and let the Fed do its work.

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