``... the Fed is worried that once rates go up as a result of renormalization and the lack of a central bank to frontrun, stocks will crash. As it turns out the Fed has ample reason to be worried... if the ERP [equity risk premium compression] is responsible for 92% of the S&P500 move since 2012, or just over 800 points, that would suggest that central bank policies are directly responsible for approximately 40% of the "value" in the market, and any moves to undo this support could result in crash that wipes out said ERP contribution, leaving the S&P500 somewhere in the vicinity of 1,400...'' -- Our readers figured this out long ago...

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