“By the end of 2013, the Fed’s historical flow operations will be accountable for 24% of US GDP. Why is this important? Simple: when the time comes for the Fed to unwind its balance sheet, if ever, the reverse flow process will be responsible for deducting at least 24% of US GDP at the time when said tightening happens. If ever.  What is scariest, is that as of this moment, all of this is priced in. Any incremental gains in the stock market will have to come from additional easing over and above what Bernanke just announced.”

http://www.zerohedge.com/news/feds-balance-end-2013-4-trillion

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