Despite Janet Yellen’s commitment to continue supporting the economic recovery the transmission system of government interventions is clearly broken. As STA Wealth Management’s Lance Robertss hows in the simple chart below, it has taken $35.17 of government intervention to generate $1 of economic growth over the past 5 years. More importantly, the rate of diminishing returns is increasing. In other words, it is taking consistently more dollars of intervention to create an incremental increase in economic growth.

In the meantime, as shown below, the continued liquidity programs from the Federal Reserve continue to boost asset markets towards more exuberant levels.

However, despite signs of a potential market “bubble” Janet Yellen clearly sees no such thing…

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