The Fed needs to tackle the US Shadow Banking system as a matter of urgency.

The Fed cut rates again this week as expected, moving policy making even further away from economic models

J.M Keynes famously noted that “The market can remain irrational much longer than I can remain solvent” and the notion of bubbles and ‘irrational exuberance’ is built in to much observation and commentary on markets, leading to embedded positions of perma bulls or, more usually, perma bears.