Snider's view is that the impact of QE/QT and the rate changes by the Fed since the early 1990's has been peanuts in terms of its impact on markets. He believes the biggest factor is global growth in the EU, the BRIC's and the emerging markets. You can predict the US market better by watching foreign holdings of US assets. And they aren't liquidating US assets due to trade wars, Russian spats, etc. They are liquidating because China, the EU, Russia and the emerging markets are all entering a liquidity crisis. That is his view. China, the EU, Russia and the emerging markets are all anticipating a crisis now and there isn't much the Fed can do about it and therefore the yield curve won't steepen. He believes the Fed is completely misunderstanding what is happening in US markets because they are ignorant about global flows.