We have entered a period that will be marked by vicious volatility, followed by desperate central-bank moves, to contain the resultant market downside and breathe a sigh of relief at temporary upsides.

For the foreseeable future, this situation will continue regardless of what the Fed does — but it will get much worse if the Fed hikes rates and exposes the lack of core stability. So, it’s unlikely the Fed will do anything with rates this year that would risk an end-of-year meltdown.

We’re more likely looking at ongoing talk with the same inaction through the rest of 2015 — and well into 2016.

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