Is the Disinflationary Process Starting?

David Liebovitz, global markets strategist at JP Morgan Asset Management: This is clearly an economy that's proving to be more resilient than a lot of people expected. If the Fed decides to crash the ship at some point down the road, we don't really see the pieces in place the way that they were with housing and certainly don't foresee another global pandemic coming anytime soon. Jim Boulden: How do you game out that risk in your investing? Because right now you're talking about perhaps we're not going back to another 2007-2008 kind of crisis.