The QE unwind has started to rattle some nerves.
Investors are waking up after years of somnolent money-making.
The Junk-Bond Market Just “Puked.”
Under tremendous pressure, the Fed sticks to its guns, mostly, and the crybabies are having a cow.
Debt out the wazoo, but someone is still buying it.
Peak “Everything Bubble?” The data is piling up.
The price of rising interest rates.
But how low might the Fed’s balance sheet go?
Instead of “bubble” or “collapse,” it uses “valuation pressures” and “broad adjustment in prices.” Business debt, not consumer debt, is the bogeyman this time.
Shedding light on Powell’s “just below neutral” and the hullabaloo about the Fed suddenly turning “dovish.”