Great article. FED has manipulated for about 5 years the risk transmission mechanism of US economy via an artificially low FFR as well as QEs. In the end, there will be no smooth transition to a normal monetary policy and financial markets will take a hit sooner or later. With or without a fiscal adjustment that US is desperatelly in need, the impact of returning to normal may well drag all world economy to recession.

No easy way out this mess.