The Federal Reserve's Priceability Mandat

We're getting, I wouldn't say to the end of the global liquidity cycle in terms of the inflection that we've seen, but we're certainly starting to see it peter out and stall out. It's our job as investors to anticipate inflections and trends in the indicator as opposed to just acknowledging that it's gone up or gone down because by the end, it's obviously again too late to do anything about it in asset terms. So when we see this playing out, one of the pieces that I keep coming back to is the United States federal reserve. They went ahead and they jacked interest rates from zero to 5%. We never got the official inflation number below 6%