get the message, in order to stamp out once and for all inflation, even if the inflation we're seeing is not a demand-driven phenomenon, because he's not concerned about financial stability because of these liquidity facilities like the bank term funding program, and because he can use the balance sheet to ensure financial stability. Yeah, they're crazy enough to try something like that. I think that's, the Fed doesn't understand the monetary system, it doesn't even understand financials. It thinks lower interest rates are actually stimulus when it's actually the opposite, as we're seeing right now. Inverted yield curves are the exact opposite of loosening financial conditions, but yet every time long-term yields fall because growth and inflation expectations do, they say that we don't like the market loosening it. So yes, there is definitely an impulse or an undercurrent from the FOMC trying to tame the marketplace. What the marketplace is saying is, you're all wrong, you've got this (34/57)
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