unemployment rate's on its way to 10% or something like that. I'm being hyperbolic for a reason. Then the political pressure doesn't completely 180 degree turn either way. So I don't disagree with your premise, Demetri. I think that's exactly what the Fed wants to do. The question always is, will the Fed be able to do it? This is the conundrum that Ellen Greenspan described, what was it, 18 years ago in February 2005. He was saying, I'm going to do this. And the market was saying, we don't believe you're going to be able to. And so that's what the market is right now in an even more extreme case. We hear you, Jay. We've heard you all year talk about your reaction function and how you want to be hawkish, you want to be Paul Volker. We don't believe you ever get to finish that trend that you started. We think that events are going to overtake the Fed at some point. That's always been the only independent variable here, was when. Not the what. The what has been consistently priced all (37/57)
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