The US equity markets ended the week on a dull note, barely able to bounce after a lower open to end the week on a correcting note.
The question will be if this is just a consolidation after a widely noted great leap upwards, or will we see a bit more action to the downside before this is over.
The FOMC will be meeting next week, and as is their wont, they may be pouring more of their oily liquidity over the troubled waters of the mispricings of risk.
As the Financial Times most recently notes in this headline, the Central Banks have used their mighty power to eradicate risk. All gain and no pain, a world without consequences (especially for the benevolent and enlightened rulers of finance).
As if.
This is the pinnacle of moral hazards, the triumph of the will to print money, and an impermanent plateau of illusory prosperity.
Have a pleasant evening.
