What Is the Fed Doing?

You've got a Fed that's tightening, well, on the fiscal side in the US, you're still running massive budget deficits. You have the second biggest economy in the world that had been locked down for three years that is reopening. Most people look at the sheep pivot thinking, okay, that was just the opening. It's getting rid of the red lines on real estate lending. It's recapitalizing the local authorities to get local infrastructure spinning again. So you got all these things going on. And what fascinates me is that most people you talk to only want to talk about the Fed all day, every day.