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Many bulls seem to think that all the equity market needs to keep moving higher (following the sharp correction that took place in recent months) is an accommodative Federal Reserve.

Based on the following graph, which charts the relationship between the central bank's fed funds target rate and the S&P 500 index over the past few years, they might want to reconsider (of course, this may just be a coincidence, right?)

click to enlarge

Source: Is an Accommodating Fed Really Bullish for Stocks?