This is from Ted Carmichael, the respected former chief economist of J.P. Morgan Canada, summarizing the increasing discomfort with what is being called UMP (unconventional monetary policy) by a growing group of insiders. I read a rather harsh indictment from former Fed economist Jason Cummins this week, which I will probably also send out. The irony is that even as the pushback from credible people (not including your humble analyst, whom the central bankers would ignore) just seems to increase the ardor of the central bank for unconventional monetary policy ... which may eventually give us negative interest rates.