The Fed's Debt Ceiling Debate

It feels that this deposit flight is going to keep happening and it keeps going into the reverse repo via the money market funds or whatever. And the Fed are going to have to cut rates very fast at some point. The problem with that particular scenario is that if you go down to very low interest rates, you're incentivizing people to take on more debt. Ultimately, we're taking on too much debt. But in many cases, we like the asset price inflation. It disenfranchises large parts of the country we know but we're looking at the financial markets here.