Trade protectionism looms next as central banks exhaust QE

Trade protectionism looms next as central banks exhaust QE - Telegraph
"A mere whiff of inflation or more likely stagflation would cause a bond market rout, leaving the Fed nursing escalating losses on its $2.9 trillion holdings.
This portfolio is rising by $85bn each month under QE3.
The longer it goes on, the greater the risk.
Exit will become much harder by 2014."