Everyone knows that the Federal Reserve's overnight interest rate targets will not rise before quantitative easing ends. The exit strategy will be: QE first, rates later. Edward Fitzpatrick, who heads up the U.S. rates unit at JPMorgan recently gave voice to this conventional wisdom when asked by Bloomberg about rising rates: "There are still hurdles, not the least of which is that they have to end the quantitative easing program before they would contemplate tightening," he said. "The Fed will have time to craft their message well." When everyone in the market knows something, that's reason to be worried. Does the ... (full story)