“In the face of a world-wide slowdown, the European sovereign debt crisis, dysfunction in Washington and the fiscal cliff, two major props have been behind the upward move of the market—-the vigorous gains in corporate earnings and the Fed’s determination to keep monetary policy ultra-easy into mid-2015. Now one of these bulwarks—-earnings—– are in the process of reversing to the downside, leaving only the Fed to stem the tide against the force of household debt deleveraging.”
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