Bill Gross is out with his monthly musings on markets and he’s unusually optimistic, at least this year. He believes central bankers will be able to convince markets that qualitative guidance is effective enough to counterbalance the end of quantitative easing. Rates will stay pinned and 2% US growth will be good enough.

In the short term, however, and to be specific for 2014, artificial prices will not be mispriced if circling falcons can be convinced of the efficacy of qualitative forward guidance. We believe that will be the case. Carry trades, then, in numerous forms should be profitable.

The PIMCO guru says 2014 may prove to be the final year of ever-expanding cheap liquidity but timing when to go into the safest assets will be difficult. That day could come when central bankers lose credibility on inflation.

Another “coming” is certainly in our future, but perhaps just not yet.