A delay of a Fed rate hike seems to be the market's immediate concern when it comes to risk trends. Yet, as global growth cools, the expectation readily escalates to expectations of more stimulus. Yet, more quantitative easing, is unlikely to provide the backing the system needs. Yields are already exceptionally low and the positive influence on growth following the first three waves of QE
faded in latter years. Should we expect more of the same in expectation of different results?