Lower corporate profits and rising short rates mean less money for buybacks. When the largest buyer pulls back, you know the rest.

Buybacks are the mechanism that connects QE to the market. ZIRP and QE lower financing costs for large corps giving them more money for buybacks, especially financials who gain
because of its effect on reserves and the YC. No surprise then that banks have big buyback programs.

— Anil (@anilvohra69) November 3, 2019