Mind the Excess
The fourth quarter saw a continued surge in asset appreciation
in part due to continued Federal Reserve accommodative
practices, tax reform, regulatory easing, and continued late cycle
dynamics. Notwithstanding the tremors of volatility that marked
the start of 2018 – in part a function of quantitative tightening
and in part uncertainty over the reaction function of the Fed
under new Chairman Jerome Powell -- the markets continue to expand the boundaries of carefree lending and buying.
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