Doug Noland - No Bubble?

``Market ambivalence notwithstanding, I'm sticking with my analysis that the Fed can't inflate its balance sheet from $900bn to $4.5 TN -- and then end this massive monetary inflation without consequences. Things get even more interesting when talk returns to the Fed's 2011 "exit strategy" road map. Regrettably, instead of exiting the Fed doubled-down -- literally. And Dr. Bernanke may now say (while earning $250k) that the Fed's balance sheet doesn't have to shrink even "a dime." Yellen and Dudley likely agree. But there's now a more hawkish contingent that has other things in mind, and I don't believe they will be willing to simply fall in line behind Yellen as officials did behind Greenspan and Bernanke. ''