I am interested to see what happens when the Fed starts to draw down their balance sheet. The money supply is at an all-time high and even though banks have started taking money out of excess reserves to lend, there is still plenty in excess gaining interest from the Fed instead of being counted as part of the money supply. Will we see inflation or will the Fed have to reign the amount of money in the people's hands by trying to get them to keep it in the banks by raising interest rates? QE is very unconventional and I don't even think the Fed really knows what they are doing at this point.

I keep waiting for the student loan bubble to pop. Delinquency on car notes is rising. What is really interesting on car notes is the majority of loans are by the carmakers themselves. Additionally, the quality of many loan borrowers is subpar. Would be interesting if the car loan market and the student loan bubble burst at the same time. I keep wondering if this will be the black swan we are waiting for.