ML-Implode News - The FOMC Decision: The Boxed in Fed

The point we are trying to make here is the following: it probably no longer matters what the Fed says or does. The situation is already out of control and has developed its own momentum. The mistakes made during Bernanke's echo boom cannot be "unmade" retrospectively. Capital that has been malinvested due to ZIRP and QE and the unsound debt associated with it will have to be liquidated -- and the markets are telling us that this process has begun.
... there are strong indications that the slowdown that has been in train since late 2011 is set to resume. One has to keep in mind that without QE, only an increase in credit and fiduciary media issued by private banks can lead to money supply growth. However, there is a big problem now: the corporate bond market is increasingly under stress. One would think that this has to affect bank credit as well -- and this is indeed the case.

Relevant:

The FOMC Decision: The Boxed in Fed