It will be interesting to see how long the Fed can maintain ZIRP amidst twin bubbles in equity and real estate AND an inflation rate of 3-4% and accelerating.

It will be interesting to see how long the Fed can maintain ZIRP amidst twin bubbles in equity and real estate AND an inflation rate of 3-4% and accelerating. Given that markets seem to have priced in ZIRP Forever, the slightest shift away from that will almost certainly lead to a crash.