Good morning.

 

World stocks hit their highest in more than a year this morning, according to the MSCI all-country index. The latest stock moves were fueled by expectations that the Federal Reserve won’t raise interest rates after Friday’s week employment report.

 

With corporate profits trending downward for the past year, I’m not sure what the party is about. Donald Trump’s comment Monday that the Fed is creating a “false economy” — which sparked another firestorm of criticism — doesn’t sound far off to me. Hillary Clinton lectured him, saying “you should not be commenting on Fed actions when you are either running for president or you are president.” Really? And the pundit class, which has grown accustomed to jumping on Trump’s misstatements, quickly piled on. “Predictably absurd,” said the usually sober Ben White of Politico.

 

But on this one, Trump’s got it about right. At the very least, the Fed’s easy money policies have contributed to a false stock market. It’s time for the free money experiment to end.

 

More news below.

 

 

Alan Murray
@alansmurray
alan.murray@fortune.com