Fed Shift Is Major Stock Risk

``If the epic record Fed easing is indeed responsible for the extraordinary stock-market rally of recent years, then the ongoing and upcoming major Fed policy shifts are almost certainly going to slaughter this artificial stock bull.  After ending new QE bond monetizations late last year, the Fed is on track to end ZIRP later this year.  And the ramifications for these lofty and very overvalued stock markets are super-bearish.''