Bloomberg summed this up well this morning with a quote in Greenspan Conundrum Risk Rising for Fed as BOJ, ECD Add Stimulus:
“Even with the Fed changing course, in 2015 you’re going to get a $1.4 trillion increase in liquidity injections, which is about 40 percent more than what happened in 2014,” said Peter. “Liquidity into the global economy’s going up, not going down. The question is: where is that liquidity going to end up?”