"I'm the expert you guys, not you..." -T.Boone Pickens (ha ha ha)
"Pardon me if I hit you over the head too often with the following chart. But we have just wrapped up a couple of weeks that saw the Fed receive congratulations again for doing nothing (FOMC) and speak out of both sides of its mouth (Lockhart and Powell). We also saw another okay Payrolls report come and go."Of course, with commodities crashed and inflation expectations well contained, must the Fed actually do anything? One might imagine that they also look at some representation of this chart and think 'golly, that's one hell of a distortion built into this market'."I can't think of many other reasons why a rate hike would even be on the table. They've seemingly got it all; a booming stock market, no inflation and no need for stern monetary policy. I believe that the Fed is as aware as we are that there is an imbalance of epic proportion out there somewhere. Will they try to repair the imbalance now, after 6 years?"The chart is the chart and while I cannot speak in details (since I don't know them), I can see what historical imbalance looks like. Either the market's laws have been repealed or something is going to seek equilibrium one day. If the former, well, how does it feel operating in a remotely guided market? Risky, if you ask me. If the latter, the risk in finding equilibrium is almost unfathomable. This is not meant as hyperbole, it is a chart."