"As such asset prices (i.e. equity markets) and asset price risk (i.e. equity volatility) are far bigger concerns. So all you need for a balance sheet crisis is declining equity markets, a phenomenon the Fed appears desperate to avoid."and
"Well that, and another reason: as of this moment one can measure the daily credibility of central banks by whether stocks closed higher or lower; too low and everyone starts talking about how CBs no longer have credibility and how they would rather Yellen et al would stop micromanaging everything... and then everyone quiets down when stocks surge back to all time highs. Alas, this means that the markets have not only stopped being a discounting mechanism (or rather they only discount what central banks will do in the immediate future), but have also stopped reflecting the underlying economy a long time ago, something will remains lost on all of the "smartest people in the room.""
On to the lie -
SPX 60m - Resistance and what the Fed is doing their best to drive price through. Oh, and the massive hole below if they fail. That lower black support diagonal keeps getting farther and farther away.
Freedom watch -
Something I used to focus on quite a bit - maybe it's time to get back on top of this subject - The Collective Funding Shortfall of US Public Pension Funds Is THREE TIMES LARGER than Official Figures Showed, and Is Getting Bigger. Pensions - LOL. If you count on them, sadly, you better be getting an alternative funding plan.
More to come below.
Have a good day.
GL and GB!