The Fed has no endgame

``After building up its balance sheet to a record $3.84 trillion -- including $2 trillion in Treasurys and $1.4 trillion in mortgage-backed securities -- the big question, and the one with much more impact in the long-term on the U.S. and global economies and financial markets, is how does the Fed sell these assets so it can cut its balance sheet back to normal levels? The startling answer that's starting to emerge from studies by the Fed's own economists is that selling these assets isn't an option.''