Take a look at the performance and the trend for Vanguard FTSE All-World Ex U.S. ( VEU ). Do people really believe the Fed can sell assets on its balance sheet , raise the federal funds rate (( FFR )) beyond inflation, and do no harm to economic growth? Gary Gordon, Pacific Park Financial, Inc, and/or its clients may hold positions in the ETFs, mutual funds, and/or any investment asset mentioned above.