16.12.2016 • 12:00 GMT
The Fed's Hike Further Undermines Spell of Global Risk Reach
John Kicklighter
• The Fed is the only major central bank tightening (more fairly 'normalizing') extreme monetary policy, but the effort is felt globally
• Easing by major central bank counterparts including the ECB, BoJ and BoE among others is losing traction on effectiveness in part due to the Fed shift
• With markets already running far in excess of simple risk-reward measures, the evaporation of the stimulus-fueled risk-run fog jeopardizes stability