A Fine Mess

(1) A mess is a mess. (2) The Fed’s bad joke. (3) Ultra-easy policies aimed at increasing financial stability have decreased it. (4) Hard to normalize monetary policy without causing financial instability. (5) Capital markets taking the hits rather than the banks this time. (6) Lots of headlines warning Fed not to do it. (7) Liftoff for stocks, if not for interest rates? (8) US consumers doing what they do best. (9) Gasoline windfall boosting vehicle miles traveled. (10) Forward revenues and forward earnings providing support to S&P 500. (11) Q3 earnings season should result in small gain for earnings.