In the last 45 years, there have been seven periods of persistent US dollar and Treasury bond weakness and as BofAML notes, during six of those periods, stocks have been pressured significantly lower.

This could be a problem as it’s happening again…and stocks are beginning to wake up.

There has only been one period in history when falling dollar and bond prices did not lead to slumping stocks.

And that was when QE was expanded drastically in March 2009.

So were this morning’s warnings from Dudley and Rosengren about the likelihood of more QE more prophetic than many suspect?