William McChesney Martin, head of the Federal Reserve from 1951 to 1970, argued that the task of the central bank was to take away the punch bowl when the party was getting going.
With investors worrying in recent weeks about “peak everything” as froth accumulates in equities, bonds, housing, cryptocurrencies and heaven knows what else, the party has long since been under way and is now in full swing and more.
Indeed, the central banks have been busy topping up the punch bowl through their continued bond purchases to keep interest rates low while conducting an interminable debate on when and how to remove support. Their protestations that the risk of inflation is “transitory” look increasingly questionable.
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