``The next "risk off" period will find participants contemplating a marketplace without constant Federal Reserve liquidity injections. The markets will fret about life without an open-ended Fed QE backstop. Will the Fed be there with its typical timely reinsurance -- or might a divided Fed struggle to live up to Dr. Bernanke's promises? For now, it's exuberance -- emboldened by the notion that persistent "deflation" risks will keep global central bankers in an accommodating and experimental mood.''

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