you think the US economy is weakening, just look outside of the US, it's a lot worse out there. So we're looking at world recession. Look at what FedEx announced 10 days ago. If you extrapolate FedEx's announcement, it's telling you pretty much that world trade is going to be down 30%. That's what it's consistent with. So the outlook is not great. What are they going to do? My view is that, and I think that was largely underscored by what the Bank of England did last week, the alacrity with which they moved suggested that yield curve control is coming back. And yield curve control is something that we've seen in Japan, we've seen in Australia. The US did it between 1942 and 1951, pretty successfully, generally. Interestingly, I looked today at previous FOMC statements about yield curve control. And to my great surprise, I discovered that Leal Brainard and Janet Yellen, when she was chair, were big advocates of yield curve control. And the endorsement on yield control came from a paper (89/92)
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