The Federal Reserve Board’s self-proclaimed “whatever-it-takes” policy for Covid-19 stimulus, coupled with the lack of controls surrounding CARES Act stimulus funds, is dangerous to the future of the economy and the markets, a majority of chartered financial analysts said in a recent survey.

The CFA Institute’s findings were based on responses from more than 8,000 investment professionals in July. CFAs signaled that they understand that the Covid pandemic put the economy on a ventilator, with about 60% supporting the current record levels of financial stimulus that Congress and the Federal Reserve have delivered.

But less than 44% believe that new stimulus is needed. And 65% do not support the Fed’s proclaiming unlimited stimulus authority. Fed Chairman Jay Powell has said that the U.S. government’s stimulus commitment needs to follow a “whatever-it-takes” approach to prevent economic illiquidity from becoming insolvency.

“Many wonder about the source of that authority and the precedent it sets for fiscal accountability,” the CFA Institute said.

Among the key findings from the survey:

• More than 75% of CFAs believe the level of oversight and reporting of emergency relief efforts by the Treasury, Federal Reserve and the Small Business Administration are insufficient.

• A majority (70%) of CFAs reported they are most concerned about eventual inflation.

• Only 35% of CFAs agree with the Fed’s view that the levels of response must be unlimited in terms of extending monetary and fiscal support.

“CFAs are overwhelmingly concerned about the Federal Reserve’s intervention in corporate credit markets and the risk and [the] proliferation of ‘zombie’ companies and zombie markets,” the report said.

Financial professionals also reported far-reaching concerns about ever-expanding, stimulus-induced deficits. “We asked members what specific concerns they had regarding market integrity and budget deficits that will result from the current stimulus levels and beyond. A large majority of respondents expressed concerns over several potential deleterious effects of deficit-funded Covid support,” the institute said.

Study co-author Kurt Schacht said in a blog post that CFAs worry that free-market capitalism could be irrevocably impacted, and that Congress should be asking “honest questions about what comes next and for how long, and how to ensure honest oversight” and that the relief efforts “must not be allowed to continue in unlimited fashion or in the shadows.”

With some 70% of CFAs reporting that they are most concerned about eventual inflation, most are concerned “the government’s actions will cause serious price discovery disruptions for investors and markets,” the CFA study found.

CFAs also expressed deep concerns about the stimulus program’s oversight and accountability. The most unequivocal finding in the survey was that CFAs want adequate levels of transparency and accountability when it comes to the distribution of record amounts of bailout support.

“Accepting that this is an economic emergency and that public officials deem spending authority as limitless, transparency around the terms and where the stimulus dollars land remains the only check and balance,” the institute said.

Congress appropriated $2.6 trillion in emergency assistance for people, businesses, the health-care system, and state and local governments. Meanwhile the SBA processed over $512 billion in guaranteed small business loans but, according to the Government Accountability Office, isn’t ready to address fraud risks and hasn’t said how it plans to oversee the loans.

At the same time, the Internal Revenue Service and Treasury made 160.4 million payments worth $269.3 billion to taxpayers as of May 31, including payments to more than a million deceased individuals, the GAO reported.