The Fed's Decision to Rake Rates

The problem the Fed is having right now is that the data is still very, very strong. With rates are higher, depositors are moving their money out of the banks and into one market. This quarter when the regional banks reported, it's probably the worst quarter that people have seen in regional banks probably since the crisis. But what I like to say is that this was a terrible quarter and we haven't even had a credit cycle yet.