We continue to draw parallels for the equity market with the insurance cuts of 1995/96 and the latest round of insurance cuts from the Fed that started in July. Back in 1995/96 the insurance cuts were delivered when the S&P500 was at record highs. Subsequently after delivering the last of the insurance cuts in Jan 1996 there were further gains on S&P500 such that they ultimately led the then Fed Chair Greenspan to utter those now infamous words “irrational exuberance” (see “COMMENT: Fed – Equities party likes its 1995/96”; July 4, 2019 nL8N24C261.