The New CS Board

[jumanji0881]

Indeed, I see the minutes of the last FOMC as showing real dissension. The doves still outnumber the hawks. The problem will be how to extricate themselves from QE. That won't be easy. And the longer the Fed maintains their current QE, the more difficult the exit will be. The real test comes when Europe has a major financial blowup. Spain is a dead man walking. The CBs are betting they can hold out till there is real growth, but that is nowhere in sight.