Rising Treasury yields may be saying the Fed doesn't need so much foam on the runway.

One dissent over inflation risk. Another over deflation risk. And by the way, no tapering.

Until the German elections, Bundesbank political leverage keeps euro area growth on hold.

Threats in credit markets, and weak data, make it unlikely the Fed will taper as planned.

EU ministers reach agreement on bank resolution. And yes, Cyprus was a template.

QE has no effect on yields. They've been rising for a year because systemic risk is lower.

The BOE provides forward forward guidance, and the ECB provides no guidance guidance.

It feeds the tapering beast. But the labor market hasn't improved, and deflation threatens.

Stocks no longer in lockstep with bonds -- but it's about lower risk, not higher growth.

As he ponders his legacy, he says don't worry about tapering: QE never mattered anyway.