The Fed has no endgame

Whenever tapering begins, the Federal Reserve will still face the bigger challenge of unwinding its $4 trillion balance sheet. That will shape the market and economy for years to come.

Get ready for deflation

The recovery from the financial crisis has produced a raft of unintended consequences. Quite possibly the biggest is the absence of inflation and the emergence of deflation.

Next bust creeps a little closer

While the financial system appears inoculated against a global crisis, emerging markets are increasingly vulnerable. And a there’s at least one scenario in which a local crunch could trigger a global crisis.