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[Quote No.56462] Need Area: Money > Invest
"[Central banks can lower interest rates and thereby increase the affordability and demand for loans and the 'fair' value for equities and bonds:] As gilt-edged securities [bonds], both public and private, rise in price under pressure of the abundant money supply [which pushes down bond yields], funds flow ever-increasingly into lower-grade [riskier] securities and into equities, and into commodity, real estate and other markets. [As bond yields fall so company earning yields can fall - that is PE ratios rise - and still be attractive in comparison.]" - Allan Sproul
US banker. He joined the US Federal Reserve central bank in 1920 and held the presidency of the powerful Federal Reserve Bank of New York between 1941 and 1956. After that he became a director of the Wells Fargo bank and died in 1978. He wrote this quote in 1946.
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