From Citi’s currency guy Steven Englander:
The Fed, accused of pulling back the punch bowl earlier than promised, has convinced investors that 1) the punch bowl is filled to brimming; 2) it is spiked as it has never been spiked before; 3) they will let the party go one for longer than they ever have and 4) it will be diluted so slowly so late in the party that no one will notice. The guests, having briefly contemplated what the morning after would feel like, are now back to partying. In fact, the guests have disposed of their hip flasks, so confident are they there is nothing to worry about.
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