The Punch Bowl

Check out the accompanying pdf and chart collection. (1) New Year’s resolution. (2) What’s ahead: Sobering correction or intoxicated meltup? (3) Fed chairs no longer party poopers. Now they refill punch bowls at wild parties. (4) Powell, like Greenspan before him, doesn’t see irrational exuberance. (5) Georgia’s election will be either sobering or intoxicating for stock investors. (6) From dual to sole mandate. (7) The three central banks are the life of the party. (8) No shortage of liquidity at Club Fed. (9) Margin debt amplifies bull and bear markets. (10) Monetary aggregates are dancing up a storm.