The NASDAQ started out today down 100. Now it’s up 36 as I post. This is what’s we’re going to live with as the Fed does what they should have started a year ago. That is tightening by, first tapering to $0 the bonds they’ve been buying, selling, and running off their $9 trillion balance sheet, and (eventually)raising rates. How much of the process has already been priced into the market, -who knows?? We’ve hedged and rebalanced to cushion the process as the punch bowl is taken away.
