Earlier this year, none other than Michael 'Big Short' Burry confirmed BofA's greatest fears, as he picked up on the theme of Weimar Germany and specifically its hyperinflation, as the blueprint for what comes next in a lengthy tweetstorm cribbing generously from Parsson's seminal work, warning that: "The US government is inviting inflation with its MMT-tinged policies.

Authored by Lance Roberts via RealInvestmentAdvice.com, We have recently written a couple of posts about the "exuberance" that has invaded the market since the election. Such is often seen near short- to intermediate-term peaks in markets as investors go "all-in" without a net.

We warned last week that, despite The Fed's unlimited largesse, there is trouble brewing in the mortgage markets that has an ugly similarity to what sparked the last crisis in 2007. For a sense of the decoupling, here is the spread between Agency MBS (FNMA) and 10Y TSY yields...