The Bear And The Doves

"Markets took the change in guidance as an 'all clear' sign to ramp up risk further," Morgan Stanley's Mike Wilson wrote Monday, reflecting on the December FOMC meeting and Jerome Powell's press conference, during which the vaunted Fed chair evinced no inclination to lean against the rollicking "everything rally" which served to ease US financial conditions in recent weeks. In contrast to the Fed's many critics who generally insist Powell is now risking an inflation re-acceleration by countenan