The Fed Is Telling Us That They Are Going to Keep on Going

You would think this environment would reward you for having a little bit of cheap fish convexity if you can find it somewhere on your book. The impact of that is going to trickle in over time. Every month corporates are refying their debt burden from 3% to 5% effective or 7%. There has been some shifts in the way people work. No one has a real explanation of why people have chosen to work less.