Thanks, Fed! A Financial Graveyard On Wall Street

The Fed has turned markets into a graveyard. Void of any pulse, void of any price discovery. In their desperation to control rates the TINA effect is back and money again appears to have little choice but to allocate back into equities. When yields collapsed this summer pension funds were forced to allocate to record levels into stocks. 47% allocation of assets into risk assets, the highest since 2007. Risk assets again viewed as risk free.