A Tweet by OccupyWisdom accurately portrays the Fed-enhanced Cycle of Stupidity.
If accurate, and I believe the graphic is precisely on the mark, the interest rate cycle is nearly over, just as a near-unanimous consensus has formed that the bond bull market is over and the stock market is headed for new highs.
Speculators are positioned in Extremely Crowded bets on Inflation and FAANG-BATs.
Asset bubble bursting is inherently deflationary.
As I stated yesterday, it's increasingly easy to stick with my prognosis: Inflation is in the Rear-View Mirror.
The Nearly Unanimous Opinion: Inflation Has Arrived adds to my conviction.
Then again, many believe Everything Bad is Priced In.
Enjoy what's left of the bubble.
Mike "Mish" Shedlock