“The FED can raise rates in a slow process but to me the key to unlocking the speculation of myriad assets is found in quantitative tightening or shrinking the balance sheet. Chairman Jerome Powell pushed off the day of embarking upon QT but many FED presidents are raising the issue: Atlanta Fed President Rafael Bostic last week raised the prospect of the central bank starting its balance sheet unwind — a QT program of $100 billion a month — by around JUNE. If the FED begins that program the unraveling of highly leveraged risk assets will elevate us all to dust off Hyman Minsky’s work. Volatility will unsheathe its sword on the global financial system. The FED fears inflation for now but wait for the systemic risk unleashed by high risk positions being unwound.”