Per the eponymous fable, the reason why no one said the Emperor has no clothes is because they didn't want to seem like an idiot in front of all of the other idiots. This particular charade being global in scale:
ZH: Global Stocks Storm To New Record Highs Ahead of Historic Fed Announcement
Where to begin...
First off, as I just showed, there is NOTHING historic about Fed balance sheet shrinkage. Automatic rolloff used to be standard policy before risk markets started collapsing every time they did it. Secondly NOT ONE other stock market in the world is at new record highs outside of the U.S. Only by mixing U.S. stocks in with the rest of the world do they get to new record highs. Meanwhile, within the U.S. the average stock is falling apart...
Global stocks ex-U.S. are below 2014, and well below 2007:
Europe
Within the U.S., only low volume keeps this delusion from imploding.
There's zero margin of error for RISK OFF now.
Social Mood has peaked...
Ethereum peaked in June, Bitcoin peaked three weeks ago.
Year to date performance %:
ZH: The Three Decade Bond Bull Market Is Now Ending
The truth is always the exact opposite of what the hairless monkey believes...
Whenever the Fed takes their foot off the gas, bond yields collapse (bond prices rally):
No one is positioned for what comes next...
