BAML: The Fed is helping so much it hurts

The Federal Reserve is too friendly.

When the Federal Reserve ended its massive bond-buying program (or QE3) last October, the path looked clear for eventual interest rate increases.

But because of stubbornly low inflation and concerns about global economic growth, the Fed has delayed raising rates, most recently last Thursday.

In a note to clients Monday, Bank of America Merrill Lynch's Savita Subramanian writes that if "QE4" were to happen, it would tell markets that all the extraordinary monetary stimuli of the last few years has not been enough.

And this would be bad news for stocks:

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