US Federal Reserve

Over the weekend, One River's CIO Eric Peters said that last week's announcement by the Fed marked the "end of the QE era." At least one person, however, is not convinced: as the "increasingly grouchy" SocGen FX strategist Kit Juckes writes in his overnight note, slams calls that the Fed's announcement was a "hawkish hike", and says that "while we got more detail about the Fed's plans to run down its balance sheet, these amount to a pace so slow that they'll still have boatloads of bonds on board when the next recession strikes.

Here is the latest post from The Institutional Risk Analyst -- Chris

“Markets go up on an escalator, they come down on an elevator. This is the most hideously overvalued market in history.”

David Stockman

In addition to the wildly popular topic of the market's record low volatility, coupled with speculation what could break the current spell of "endemic complacency" and what its impact would be on asset prices (yesterday we posted a fascinating take by DB's Aleksandar Kocic on the issue of the markets current "metastability"), another question that has fascinated the economic community is when will the next recession hit.

Authored by Lance Roberts via RealInvestmentAdvice.com,

For the last couple of months, we have discussed the risk of the narrowing of leadership as money piled into an ever reducing number of primarily large-cap technology stocks. To wit: