Welcome To ‘The Age Of Fragility’

We all know the story by the now. Years of central bank accommodation has driven investors down the quality ladder in search of yield, leaving everything priced to perfection and the hope is that the eventual unwind of stimulus will be benign as policymakers stick the proverbial dismount with predictable forward guidance, gradual tapering/balance sheet rundown and rate hikes that only proceed with the market's implicit consent. Forward guidance is set to take the baton from asset purchases as