Runoff to Turn Off?

Relax said the night man
We are programmed to receive
You can check out any time you like
But you can never leave
--Eagles

When the Fed began unwinding its $4 trillion bond book last year, these pages observed that it would take years to get strip those assets from its balance sheet at its meager monthly sales rate. Now there is chatter that the Fed may back off on its 'runoff' program or perhaps cease it altogether.

The Fed knows what the market knows.

The only way that this stock market party has a chance of continuing is if central banks keep their extraordinary stimulus in the system. If they remove the punch bowl even one little bit, then the party's over.

position in SPX