Global Central Banks = Reckless & Unchecked

Headlines: No Palatable Exit Strategy For Money Printing/Asset Acquisition Binge. Even Allowing Bond Holdings To Simply Mature = Rate Ramp…As Federal Debt Diet = Steady Central Bank Balance Sheet Reduction Chatter = Not Credible As Primary Rationale = To Create “Space” For Future Asset Purchases. ********************************************* Background: 1. Federal Reserve = Not Department of Federal Government. 2. Federal Reserve = Owned By Member Banks. 3. Prints Money, Without Limitation/Oversight, To Execute Dual Mandate. ************* 1. Federal Reserve Balance Sheet [U.S. Treasuries + MBS] = $4.5T = 118% of Annual Federal Budget. 2. Current Status = Money Print On-Hold + Balance…