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Cheers. Since 1987 and the early days of the Greenspan era, when the new Fed chair took a series of extraordinary measures in response to Black Monday,

investors have slowly become conditioned to believe in what has become known as the

Central Bank put, a fancy name for an implicit backstop to any significant market decline

which the incumbent Fed Chair would use to ride to the rescue of falling markets.

The Greenspan put begat the Bernanke put which in turn morphed into the Yellen put and

along the way investors grew comfortable that were anything untoward the

immediate reaction of the Federal Reserve and its peers across the globe

would be to cut interest rates and in later years inject trillions of dollars in stimulus in order to

stabilize misbehaving asset prices. That backstop has been money good for 30

years but having reached the zero bound markets have begun at the margin at least to wonder

...