Investors continue to test the Fed’s resolve. Is helicopter Ben overly optimistic on his economic outlook? And if so, what is he going to do about it? Yesterday’s equity and bonds reaction is telling us that there is little he can do if policy makers have got it wrong. The Fed, similar to the BOJ is entering ‘no-mans land’. Markets are turning their back on Shirakawa’s emergency lending facility expansion. Even direct yen intervention is futile without the ECB and Fed’s complimentary actions. This week focus on the details.