WATCH FOR A SUBTLE FED SHIFT

The 'tourist explains why the Fed is likely uncomfortable with the recent pace of financial conditions easing

It’s easy to forget, but remember the “term premium, bro” worries of a month ago? At the end of October, fear that the “US Government wouldn’t be able to fund itself” permeated through the financial community. If you dared suggest that buying bonds was a good trade, you were told that you didn’t understand the flood of issuance that was about to hit the…