One of Wall Street's most successful investors says that a Fed stock market leader is gone

& # 39; Powell basically said that the Fed pillow is dead. & # 39;

As long as Fed adds.

It is hedge fund star David Tepper's gratitude from Wednesday's market-solving policy decision by the Federal Reserve and the subsequent news meeting hosted by Chairman Jerome Powell.

Read: Summary of Powell Press Conference to Explain Feds Rate Increase and New Guide

Carpets put "Comment" to CNBC Thursday morning by email is a reference to the long-term perception that Wall Street has had a Fed security network in one form or another, at least since the stock market in October 1[ads1]987, led to the Alan Greenspan-led central bank reducing interest rates.

The so-called putten – an option that gives the proprietor right but not the obligation to sell the underlying asset at a fixed price, serves as a kind of insurance policy against market decline – has been called "Greenspan put" and later "Bernanke put" following his successor Ben Bernanke, following the Fed's aggressive monetary policy measures in the wake of the financial crisis.

Check out: Why stocked bulls could soon complain of Fed's quantitative tightening

Billionaire Tepper, one of Wall Street's top all-time hedge fund managers, has been less than bullish in recent months, said earlier this fall that he had taken down the exposure to shares in Appaloosa Management, where he controls about $ 14 billion.

Read: A "Powell Put" for the stock market? Do not even think about it

Teppers comments about Fed are also remarkable because it is undoubtedly because of Fed backstop that the investor made a concentrated investment in the financial system in the financial crisis 2007-09, thus suggesting that a Backstop delivered by the central bank would stop bleeding in that sector, which led him to star achievements.

On Wednesday, Dow Jones Industrial Average

DJIA, -1.05%

Nasdaq Composite

COMP, -1.29%

and S & P 500

SPX, -0.91%

indexes fell to fresh downturns for the year after investors have read the central bank's latest policy updated as inadequate dovish, or indicative of a slow approach to assessing the increase.

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