Is the Fed Going Too Far?

Julian, i want to just clarify something that you said. A lot of people think that if the fed doesn't go far now, it's going to lead to inflation expectations becoming danchored. We do think that, looking the next couple of months, that dynamic could change. Part of the dynamic in markets is that we've all been pavlovian trained to expect stocks to rally when the fed cuts rates. To the extent that we take that away, you're actually doing a service and allowing to see the fundamentals smurde.