Is the Party Ending Or Just Moving?

Check out the accompanying pdf and chart collection. (1) Drinking the Fed’s punch. (2) Party getting out of hand. (3) Fed will soon stop filling up the punch bowl, but there will be lots of liquidity left in there. (4) Inflation spiked by spiked punch. (5) FOMC minutes’ talk about paring Fed’s balance sheet shocks investors. (6) Bond Vigilantes no longer punch drunk? (7) Expected inflation is up, but prices-paid index is down. (8) Are rising bond yields so bearish for Growth? (9) No, but they are bullish for Financials. (10) Mag-8 accounts for almost 50% of Growth’s market cap. (11) When in doubt, diversify with Energy, Financials, and the Mag-8.