Yea - the no more hikes narrative is basically cover for some banks to hedge and sell some their toxic government bonds at a much lower loss. They will hike rates, and make banks whole for any losses at the same time. 

Doesn't make sense, but they think its all perception and printing money is okay as long as the "perception" is right.

Jonathan_Adly

Thank you. I was thinking you teed it up perfectly. It was also a very apt description of what will happen.

I knew this reply was coming. I was thinking of saying this in the post but decided to leave the low hanging fruit dangling. 

grayruby

Some might say they already suck and blow.

siggy47

bitcoin

I don't expect the fed to capitulate right away. They will likely try to raise rates again but at the same time backstop every single thing they break in the economy. 

It's going to be a wild ride. 