Bonus Quote of the Day

This (from NY Fed President John Williams this morning) is precisely what I'm talking about (when I'm talking about bubbles):

"WILLIAMS SAYS FED WOULD ADDRESS NEXT RECESSION BY CUTTING INTEREST RATES TO ZERO AND USING COMMUNICATION AND ASSET PURCHASES" (via @reuters)

Well, we're not in recession and they're actively engaged in the latter two. And, clearly, with 3 rate cuts on the books this year, they'll continue to barrel toward zero if the data continue to weaken.