from ZeroHedge:

By Benjamin Picton, Senior Macro Strategist at Rabobank

Here Be Dragons

I’ve been away on holiday for the last two weeks trying my best to pay more attention to my children than I do to the markets. Mission accomplished for the most part, but it has been hard to look away while momentous shifts seem to be occurring all around us. Indeed, at the Jackson Hole symposium over the weekend, ECB President Lagarde re-upped her comments from April by suggesting that “there are plausible scenarios where we could see a fundamental change in the nature of economic interactions”, “past regularities may no longer be a good guide for how the economy works” and “there is no pre-existing playbook for the situation we are facing.” Translation: “we really don’t know if rates are high enough or not, and that isn’t really the point anyway.”