"... Therefore, the Fed's balance sheet will likely expand until March 2020. But that is when we at The Capital Observer expect the equity markets to have a serious sell-off, beginning early March, when it becomes apparent that this “Not QE” stimulus will not be extended. Remember, the economy will still do well in Q1 2020 – no urgent reasons to be applying stimulus when the Core CPI is already surging hot. And “Not QE” was, after all, a mere palliative solution for the clogged-up repo market plumbing in Q4 2019 ... "
Page 48, January 2020 issue,
The Capital Observer