It is hard to argue that this process is not already well advanced. Monetary shock and awe might yet end up in asset-price schlock and gore. The Fed was the first mover on QE and might be first out. The sanguine state of markets suggests that they are not prepared. Has it only been six years since the last credit bubble? Round and round and round it goes.
Andrew Capon has won multiple awards for commentary and journalism on markets, investment and asset management. He welcomes comments from readers and can be reached at firstname.lastname@example.org