Pray For Poor Data So Janet Yellen Can “Keep This Party Going”

Earlier today, we warned (again) that the central bank liquidity flow backstop - i.e. the "rising tide that's lifted all boats" for eight years - is on its way out the door. Slowly, but surely. We also highlighted commentary from BofAML, who notes that the Mario Draghis, Janet Yellens, and (especially) the Haruhiko Kurodas of the world are being extra careful when it comes to pulling the rug from beneath markets. You'll recall that in the wake of "liftoff" (i.e. the December 2015 Fed hike), ma