The Federal Reserve won’t be able to rescue investors if the stock market dives again

At the time of this writing, the U.S. stock market has risen nine weeks in a row, following a slump in December.

There has essentially been a risk-free market since Federal Reserve Chairman Jerome Powell famously caved on Jan. 4, signaling flexibility on the central bank’s balance sheet runoff. Every dip in prices is bought, and stock market bears, not bulls, are increasingly looking as if they’re the ones who are trapped.

The parade of central bank jawboning has been as spectacular as it has been global. Consider what signals have been sent to markets by central banks in just the past few weeks:

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