Is the Fed Stopping?

I wouldn't look at anything right now that's not a treasury. There was 17 trillion of negative yielding debt in 2018, going into 2019. I think three and a half to four of it is bank investment grade as triple B. If the Fed's mandate is headline CPI, whether you look at core or not and employment, there's nothing that suggests the Fed stops from an inflation standpoint. They will show up somewhere, somehow, through the system, either a long-term capital bailout or somebody somewhere is likely to blow up given the environment that we're in. The odds of March, a great cartoon out of Bob Rich today, that is where, you know, they're going to