“One of the many consequences of the Fed’s ultra-low interest rates is that US corporations have gorged on credit. In 2007, at the peak of the last credit bubble, US non-financial corporations had $7.2 trillion in outstanding debt. Today, they owe $9.6 trillion. The Fed has built up a huge conflict of interest in its own policy making. If it raises interest rates, it will depress the value of its balance sheet (which is now stuffed full of interest-rate-sensitive long bonds). But if the Fed backs off raising rates, for fear of the effect on bloated credit and stock markets, it risks losing all credibility… especially if the rate of consumer price inflation continues to rise.”
http://bonnerandpartners.com/how-to-handle-the-coming-bond-market-bust/
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