The Federal Reserve has wielded an undue amount of influence in the market’s recovery rally since the 2008 recession. Its accommodative monetary policy and quantitative easing (“QE”) have made for a most potent cocktail, “stimuflating” both asset classes and investor confidence. What people forget is that sometimes the hostess, no matter how gracious and entertaining, concludes that the party is over and discreetly exits while abandoning hubris-intoxicated guests to their own devices of figuring out that the festivities and libations have ceased.

In case anyone is still in denial, QE is done and there is no room for interest rate reductions. At some point, the Fed will have to climb the altar of higher interest rates and sacrifice this bull to the market gods in order to gain their favor for future generations, lest we all be permanently destroyed.