When will it end? This is a frequent question, and thankfully the answer is extremely simple: asset prices won't fall. Whatever drops we see, such as March, will be shortly followed by the Fed backstop. https://twitter.com/realKunalAShah/status/1338185866909507586

Why. The US political system runs on money. The US private sector which distributes income and wealth has been consolidating over 40 years into ever larger monopolies, which means fewer and fewer balance sheets own the disposable income to participate politically.

These balance sheets hold networks of very fragile assets, built on dwindling incomes or outright Ponzi behaviour: borrowing without a capacity for future repayment. The cashflows from these assets depend upon stable prices. They must be continually rolled over, forever.

This relatively small table of political brokers thus face a conundrum: in order to maintain power over their seats, which gives control over monetary institutions, they must protect asset prices, when those prices do not reflect the underlying repayment capacity.

This cycle demands both continually reducing interest rates, in order to support private debt repayment, and purchasing assets that default in sufficient numbers that would jeopardize asset prices in general. In other words, they use the Fed balance sheet to absorb defaults.

This process can proceed indefinitely, because the Fed balance sheet doesn't require positive equity to operate. It's the base settlement layer, entries on it's ledger are just arbitrary numbers that happen to be the legal voice of much of the planet.

There is no incentive for any action contrary to ordering the Fed leadership to reduce rates and buy bad assets. Increasing asset prices increases power over households and small firms/banks, which further solidifies control over income that permits political participation.

Within that context, there is no end. It simply proceeds towards absolute domination by a smaller and smaller table of political participants, until the political system collapses. Will THAT mean prices fall? It won't matter. By then you are either already dead...

or, the reshaping of money and ownership institutions will be so significant that the question loses its meaning. Prices will only go up, and the rest is largely irrelevant.