The Fed’s Non-Barking Dogs

[This article appeared in slightly abridged form in the Epoch Times under the title, ‘The Fed’s Quantitative Tightening‘]

The older a bull market gets, those who are paid to comment on it become more and more desperate for new things to say about it – a professionally pressing need which tends to split the pundits into two distinct camps, each equally one-eyed about whether prospects are good or bad.

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Patience, Bund bears! Patience!

No, Mario is NOT about to give up – whatever! China monetary trends might mean the industrial earnings cycle has peaked. US debt levels are still OK, but the low cost is promoting slightly worrisome growth – nor are Tech balance sheets entirely without blemish. Commodities – clueless and friendless.

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17-06-28 M4 No 6