This CNBC article starts off with the usual pablum about interest rates and how the Fed may decide to hold off beyond next spring given the lack of inflation expectations and effects in the economy.  It’s brain melting mainstream media Pap 101.

Fed now expected to stay lower for a lot longer

Really?  Ya think?  As if its ears were burning here comes my favorite US market related macro chart…

Mark-up of a chart created at SlopeCharts

There is no decision for the Fed to make.  They must keep interest rates at ZERO or what has been constructed out of ZIRP ingredients (with periodic injections of QE) is going to come down with a withdrawal of those ingredients.

The article goes on to get a little more intelligent as it considers the view of a rabble rouser named Dick Bove.  What he discusses below is in line with the NFTRH view that there are so many pieces in motion now, the world over, that it is impossible to work up traditional market analysis and apply it to traditional forecasting methods.  It is in line with what I have been saying since they began phasing out QE3 (as expected), which is that they will not or cannot dare repeal ZIRP, which has been the real policy mechanism at work for 6 years now.  Read…