The Fed must end its long-running love affair with the markets. It needs to be over, and here are several reasons why the Fed needs to end it.
In 1977, the band Fleetwood Mac released one of its most successful albums – Rumours. The song Chains was a big hit for the group. It was a mish-mosh of band riffs. You sort of can tell near the end that it was one big old jam session. In the beginning, the baseline, the lyrics are clean.
Confidentially, it’s one of my favorite tunes, but halfway through, I’ve had enough of hearing it, and I’m ready to move on. Allegedly, the inspiration for the lyrics was the drawn-out breakup between Stevie Nicks and Lindsey Buckingham.
The Fed’s easy-money tune has been a rich melody for risk assets, but I’m at the point where the notesRead More »