fed fed action as far as rate cuts go. they still have some room to maneuver in contrast to the e.c.b. where the rates are already at 0 i would be surprised if the fed acted again anytime soon the market reaction was not really very positive and a lot of people criticizing it is overblown i think the fed will wait till other central banks have stepped out and done their part and then see whether it's in demand again china china hasn't really done anything yet concrete but i think everybody in the market knows and expects that the chinese government has an interest in having money go into the system and government policies to help companies and labor. first in frankfurt and great there in singapore thank you very much to both. well the news is coming in thick and fast as far as as quickly as the coronavirus is spreading the w h o this hour warning that cash can spread the virus italy is planning on closing all schools until mid march germany has joined other nations in banning the export of mosques to to shortages now some other stories making news organizes a postponing the head of a mess so one of the world's largest industrial fairs event is now s

fed response, the equity , the fedes down reverses course. this fed has a bigger put than either the yellen or the bernanke fed. i think the markets have pushed the fed to it. carl: i would push back against that a little bit because i think during the financial crisis, there were plenty of times that the fed did know something that wasn't broadly to the market place. so the fed may have some broader ,ense of what is involved here and to the psychology impact, the fed is leading the narrative as opposed to following the narrative. just the rumors of a potential g7 meeting yesterday because the markets to surge higher. it was a relatively empty statement, saying we are working together. the fed needed to deliver on that. vonnie: well, did they? michael: they needed to. carl: you broke the psychology, and psychology can have very powerful consequences. vonnie: could that not have been the mario draghi whatever it takes moment? now that we've got it, they are actually lower again. michael: well, money is going into bonds. vonnie: we are down seven basis points from when the announcement was made. michael: that's wh

the market is testing the fed's resolve. >> markets like to see the central banks step in. >> the case is strong for them to step in. >> they want the fed to cut. >> i don't the fed will cut. >> they should be cutting. >> i don't think the fed should cut. >> monetary policy is prepared to act, but will it be effective? >> the effectiveness would be tremendous. >> interest rates are not vaccines. >> we would see a little bit of turnaround in the markets. >> the fed is fairly impotent in this environment. >> on the other hand, if they do nothing, it could make the situation worse. jonathan: joining me around the table here in new york, subadra rajappa of societe generale, mike schumacher of wells fargo, and, in houston, crossmark's victoria fernandez. victoria, i want to begin with you. we should start with efficacy of the central bank move and the willingness of central bankers to step in. let's start with the latter. where are they? victoria: we are not seeing them willing to do anything at this point in time. the south koreans did not lower their rates when people expected they might. you have germany coming out and saying they have enough stimulus on the table

outside of the fed possibly growing its balance sheet which you didn't mention all of the things that you just mentioned are well outside of the of the fed's purview it is not the fed's place to address any of the things that you just mentioned and if i would if i would say that there is one thing that the last 3 generations of fed chairs have done we're talking greenspan bernanke and yellen it is that they have allowed themselves to be bullied pushed into a corner and do they have a fiscal lifting when it really is not their place to do so this is the time for jay powell to say the federal reserve is happy to coordinate with any entity in washington to help facilitate and you've got any type of policies that are going to provide relief but our direct toolbox is not efficacious it does not work in a domain what is going to be harming the u.s. economy very quickly will have about 30 seconds left but to that point how dangerous is this dependency on the food as you mentioned a lot of things that christine mentioned or outside the purview of the fed but the fit is been operating somewhat outside of its purview for some time now it seems like at some point we either have

fed. peggy collins in washington on what the fed did and why jay powell says they did it, and abigail doolittle with me in new york on the strong reaction in the markets. peggy, lay out for anyone who doesn't know what the fed did this morning. peggy: the fed did what is called an interim meeting cap. they did it at 50 basis points. this is the first cut outside of a scheduled meeting we have seen since the financial crisis. essentially the fed came out and said we understand there are concerns in the economy about how the coronavirus could unfold and what that could do to the economic outlook. we are still monitoring the situation. we think the fundamentals of the u.s. economy are still strong but we are adding cushioned insurance into the u.s. economy by doing what we can and cutting 50 basis points before we meet. they were next scheduled to meet march 17, so essentially coming out today and saying we will use the tools we had to keep monitoring the situation. comes at a day the g7 finance ministers all got on a call and talk about what to do about the coronavirus. is that a coincidence or is there some connection? the financetially ministers, led by steven mnuchin because the u.s. is the host country fo

fed himself? what would you ask tim bullard to say? -- ask jim bullard to say? ed: that's a lot of questions. trump is really nothing i've ever seen before. previous presidents have job owned the fed, but nothing like the -- have jawboned fedg like this. i understand their thought process pretty well, and part have krishna who covers the fed for us. a fed funds rate below 1.25% looks perfectly normal. on bullard, i would ask and that. how does he feel about having the bond yield so much below the fed funds rate? in our case, we think they will cut the funds rate, and hopefully at that point, you have a positive yield curve. equity marketu.s. look better positioned right now then other equity markets around the world? if we see stabilization in china before stabilization elsewhere, does that market become better valued? how do you see the u.s. versus the rest of the world? ed: i don't see the u.s. as being some sort of shining star compared to other markets. every market works itself out in terms of valuation. economyay that the u.s. looks the best of any economy that i look at. oddly enough, we have one ocean on one side and one ocean on the other, and friendly borders on the north and south, so compared to other economies

reeling it in and something that's pretty good the most important thing to me is the fed fed is tuesday, wednesday. the fed done some part of their work they have more work to do. i expect they'll cut to zero and the question is what will they do on asset races and it will drive guy adami crazy, but it's got to happen. >> think you need to flip your playbook upside down sell the rips and buy the dips. >> crazy week. 'lsee wel you guys on monday that's it for us, but "options action" is next. don't go anywhere. awesome internet. it's more than just fast. it keeps all your devices running smoothly. with built-in security that protects your kids... ...no matter what they're up to. it protects your info... ...and gives you 24/7 peace of mind... ...that if it's connected, it's protected. even that that pet-camera thingy. [ whines ] can your internet do that? xfinity xfi can because it's... ...simple, easy, awesome. [ barking ] >>> good evening everybody. welcome to "options action." mike ko is joining us from san francisco. all of our traders, of course, have been spending a lot of week -- a lot of time this we

and once you're able tolook out, you'll hear people say, it's the fed the fed's the backstop don't fight the fed, like ed has said and you go back to the playbook of '09 the fed has arrived and it's going to be there no matter what, it's going to buy everything if it has to. and that's going to provide some sort of stimulus for stocks, or not. do you agree with that or not? >> i think when we look back two or three years from now and markets are higher, we're going to applaud and credit the federal reserve for what they did in march of 2020 what they've actually done this month has put liquidity in the places that the market structure needed it most so i would liken it to the pluming in a house that was all clogged up and the federal reserve, whether it's the derivatives market, the futures market, or the credit market, by the nature of what they are doing, they've restored liquidity against that market structure. when you restore liquidity to market structure, you give confidence to investors that they can utilize the capital markets. i think that's the single most important thing. and listen,

fed is looking to cut rates again. the directory for the fed is lower. the market is going to tell them what to do, and the fed that means, whether we are going to move towards zero remains to be seen, but you are seeing other central banks doing the same thing. so you are also looking at buying yields in australia, new zealand, canada, the u.k. rba in australia just cut rates a couple of days ago. they are likely to again in april. there's rumors of an emergency cut in bank of england. this is going to be the continued theme, and we are going to move towards that zero interest rate policy. nela: i think nick just spelled out the fed playbook very well. the one thing i would add is that each cut becomes less effective. more effective here at home, but if you look at global central , so their effects are going to be even less than here at home -- global central banks, they are lower or negative, so their effects are going to be even less than here at home. there's a risk that we still don't have a good way of quantifying. alix: ultimately, it seems like other countries may have a better chance of fiscal stimulu

the fed is trying to do what it can to deal with what is happening in financial markets. is the fed helping? paul: i think the fedtral banks around the world are. there's plenty of liquidity in the system right now. they are still putting a lot of liquidity in. we are anticipating the fed to cut rates again next week at their meeting. when you look at the economy, the economic data coming into the crisis, at least in the united states, was still very strong. so once we get past that with the additional liquidity we have , we would anticipate the markets and the economy to pick up pretty quickly once we get past the crisis here. guy: what will it take for investors to rotate out of bonds in a big way into equities? it needs to happen to form a bottom. when does that happen? what do we need to see? paul: if we take a look at prior issues, 1980 seven crash, 2008, you are looking at a period of anywhere between three and six months of fairly volatile markets, both on the upside in the downside, until people feel comfortable that the crisis has passed. this may be a little quicker only because it is more of a virus th

fed. you can imagine if the bank brings a loan of $100 that the fed can loan against that. remember the fed by law cannot take losses. that doesn't even mention the idea of the fed's independence and how the fed will be involved in really a whole fiscal program. remember back in the crisis of 2008, there was concern about the fed even buying mortgages, now it is going to loan to nail salons >> the other question, some people look at this as a liquidity crisis especially if this is a short-term situation, if you are a believer that we are back in business in a month or two some believe that is an aggressive situation some believe banks will lower their standards for these loans. one of the things i think you'll start hearing is that financial companies like square will have more access to the day to day of the business because of the systems you have in place. they can see what is going on inside these businesses that they would be able to extend loans more quickly than a typical bank might given a relationship what do you make of that >> i think it is a good point, an interesting point if y

fed is getting ready to reopen its commercial paper. the fed president has in the last hour suggested she would support such a move. this comess companies struggling to raise vital funding. it might be necessary for the fedsstep in and buy. dobson.us now paul walk us why this is so significant. kind of why it's necessary to plumbing working andy to get the working quickly? >> i think to that demand for market, thatthe pushed up the borrowing rate for commercial paper which is charged overnight rate. companies torm by pay for their wages, their rent and stuff like that. them over from day-to-day. there isn't enough dollars system forn the everybody to have now. it's been pushing up. in the commercial paper markets, that causing other parts of the funding be added to this stress and demand for dollars from the rest of the world. to see the fede buy commercial paper, how does that work? then whatt and happens? they can't really be on the loss if the company can't repay right? >> no, that's right. they take it off the balance sheet. that frees up room for the dealers to do more lending of market.elsewhere in the the fed looks after it. it should get back in full most of the time. it's very low risk. borrowing

fed chair will get, and i think will be tricky to answer, is why do you always get bullied around by the markets? you know, is the market the key to predicting what the fed is going to do? this kind of notion that the fed is here to the rescue every time the market has a sharp fall. >> i think that's a question that can be asked given the president's tweets and the market reacting, the fed reacting in the wake of the market sell-off. what jay powell would say -- there he is right now. let's listen to him. >> let's go to him, steve. here's the fed chair >> good morning, everyone. earlier today, the federal open market committee announced a one-half percentage reduction bringing that range to 1.25% my colleagues and i took this action to help the u.s. economy keep strong in the face of new risks to the economic outlook. the fundamentals of the u.s. economy remain strong. the unemployment rate has been near half-century lows for more than a year. the anticipation of job gains have been solid and wages have been rising. these strong labor market conditions have underpinned solid household spending, which has been the key driver of economic growth over the past year at the time of our fomc meeting in januar

fed had to move. analysts overwo the weekend had something to note about the specific commercial paper market, how it was heading towards freezing up. so the fed might be doing something sunday night. what the fede is something much bigger. in terms of the discount window, just recently the fed was after a speech by one of the fed vice chairs was talking about getting a big bank like j.p. morgan to come in and borrow the discount window, to make it oakley -- ok again, not something seen as a black mark. we know the people's bank of china has made it clear they are ready to do more to their economy, even though it looks like there virus has peaked, to a certain extent. it has yield curve control. .3.ear at -.3 to plus so, not a lot more can do. just talked about buying securities. this just opens the door to other central banks to do more cutting as well. big fiscalhey made stimulus. everyone says this is a big deal, we have to stop it in its tracks, doing what they can. shery: what do you think? could this spooked the market, given how active all these banks have been? michael: i think this will put a floor on the market tomorrow. we saw a big rally when president trump came out friday and anno

fed, some big calls from deutsche bank. we are looking for an immediate 100 basis point fed cut. one has to wonder if the fedill start talking about qe as well. going into next week, what are you looking for? 100 basis points 50, 25? what is coming from these guys? michael: i think it is all coming. we probably argue you could expect 100. i almost think it is irrelevant. it is the signaling from the fed that we are all in on this issue. the markets need to see that. i think you have seen a lot of evidence of that now outside of the fed. i think that is really what the markets will be looking for, that there is a real, genuine concern, awareness for how significant, global this issue is. sort of an all hands on deck, we are all in to do everything we can from a policy standpoint. jonathan: let's work out what this means for treasuries. on the rate side, i have heard maybe we have lost some of those risk mitigating characteristics that you could get from the treasury holding in your portfolio. points,e drop 100 basis i have seen the rate cuts be priced in. you drop the whole curve, not just the front end. it g

fed chair jay powell speaking after the last rate point cut. joining me on the phone is narayana kocherlakota , former minneapolis fed president. if you are on the fomc yesterday, what would you have recommended that is different from what the fedt of all, i think the fed did the right thing in ruling out the tools they had. i would have preferred to see stronger forward guidance. i think the fed spoke in its statement of getting the economy back on track towards maximum employment and price stability, we are likely to see once the dust settles and the economy weathers this storm, we are likely to see conditions in place for a rapid recovery. i think the fed should be clear that it is going to do whatever it takes to facilitate that rapid recovery. i think in the wake of the financial crisis, some of the fed did make was moving too quickly to choke off the recovery. i think it should be clear that when we get those conditions pledged for a fast recovery, the fed will be there for you. alix: how else can they see that? through action or what they say? stage, you areis likely seeing mainly words. you can say things about how you would be willing to tolerate inflation above 2%, possibly well above 2% for a time. we are going to se

fed do next? holger: the fed should not look at these things. the fedhould do it where congress needs to act in the sense of giving the fed the permission to do that. congress should do that. it in europe. the european central bank is doing a lot. the bank of england has pulled out all of the stops. both of these european central banks have said they can do more. fed will probably need more room to maneuver to be more. ultimately, it is much more up to fiscal policy -- it is almost the wrong word. it is up to those people who can channel the money to companies. paper can make it easier. nejra: can the fed stave off, never mind a recession, but a depression? holger: the fed cannot do anything about the near sharp fall in output during lockdown. lockdown has nothing to do with monetary or fiscal policy. what the fed can do and with the help of other policymakers who have to deliver the money to the companies, to the people, to the workers, what they can do is prevent the severe short-term economic slump caused by the lockdown and the virus to develop into

fed action. the issue of having a lot of fed liquidity being bumped into the system especially since the last quarter of last year end the fednd we come to today and we see an unwinding of most of last year's gains, over 22% of the equity market depending which market you're looking at, against the background of zero earnings growth. so i have a differentiated view of what the outlook is this year for the real economy and for markets at the end of the year. right now, we seem to be pricing in a fairly catastrophic scenario if i'm lucky and bond markets. as i look at bond markets today we have interest rates and leave touch 30 to 40 basis points. it's pretty correct catastrophic view. that hasn't happened. jack: 's i'm going to ask about your growth projections around 2% which is high above consensus right now. >> it is, i'm saying about 2% and i admit, as i go forward, depending on how long this last is it going to be a couple of months or are we looking at a couple of quarters? right now i stand to believe the experts i am listening to which is especially in light of all the place today that we might be looking at a month o

fed will probably not do it on initial terms but i think the data is not warranting it at the moment, but i think the markets will be clearly happy if the fed were to make noises in line with what they said about what they can change the fedct to purchase corporate bonds and equities. everyone's been saying it's difficult to do, there is little appetite at the moment, but the fact is, the fed act, it gives a list a different asset classes taken by. bond, gold, u.s. dollars. it doesn't actually explicitly say what they can't buy and that is a gray area. it is just lucky we have a lawyer at the helm of the federal reserve. i think the market would love to see corporate bond buying. shery: should we get a hint of that from chair powell speaking very soon today? if the markets are not happy with the latest moves, what can we expect to hear from chair powell. surprised if we heard something that was a strong hint of this meeting. they probably say there's a range of tools at his disposal, but at the moment it is probably a little too far-fetched and the data has not warranted that side of things. at the moment, everything we are seeing from the fed is designed trying to keep, the dollar funding market and check and he doesn't

fed rate fed doesn't work as planned this is boom bust the one business show you can't afford to mess i'm christiane and i'm burnt to born washington coming up the federal reserve has taken measures to combat the malays of the cope 19 impact we take a deep dive on the move and the way other central banks around the world are reacting plus. we have taken other decisions as well as going up the most important is that we have clues to argentina's borders during the next 15 days a period that can be extended to argentina the borders are closed and amid the outbreak what measures are some nations around the globe taking to slow the spread of which i mean we take a look around the world to see which nations. traveled to states yesterday. and later several industries have been a casualty of the recent economic slowdown you haven't planned as hard as oil we have a live report on how falling demand and a price war has. been a jam packed show today so let's jump right into. futures had as limit down before market open monday as the fed said the market's panicking yet again as the fed has expanded all its conventional and unconventional tools which included this weekend cutting its key interest rate by a full percentage point to near 0 and boosting its bond holdings by $700000000000.00 markets are still getting slammed triggering a 15 minute hold again right off the open. target range for our own interest rate by one percentage point. or so that we expect to maintain the rate at this one and who were confident that the economy where that region of it is going to react to would she maximum employment and predictability. equities saying deeper into bear territory as the dow is now about 30 percent off its all time highs investors are digesting nonstop news flow of companies shutting down operations countries sealing borders and infections spreading in normal circumstances a large policy response such as this weekend would put a floor under risk assets and support recovery however the fear is exponential and markets are

fed is the central banker. the fed has bullets to fight this, ec b&b oj does not i wonder how much of it has to do with the fact the fedove and ease conditions, that could help europe and japan, which could get hit a lot harder than we will. >> that's exactly right. the fed has more room. the fed raised rates and then brought rates down and brought rates down further we're not in negative territory like much of the rest of the developed world. the balance sheet is a percent of gdp, smaller in japan where it's 100%. more cushion that's there. people run to the dollar when there are uncertainties so the dollar is the world's reserve currency so it's important that the fed show it is aware of the challenges, it is willing to do something about them the challenge is will that -- the fed can't act alone. so it's going to have to be not only central bankers but finance ministers thinking about tax policy, thinking about some countries are proposing suspending payroll taxes temporarily, providing other tax incentives for more investment to do some sortoffsets none can address the virus issues but they can all soften the blow.

fed doesappreciate the gravity of the disruption to the economy and markets. i guess on both fronts, white house response and now fed, what's your grade? >> let's start with the fed. i would give the fed an "a." the fed recognized they did not have a lot of dry powder to work with and if you don't have a lot to work with you're better off trying to achieve a bit of a shock and awe to get the most bang for your buck what they announced yesterday was a sweeping attack on the problem and they're doing all they can do. so i gives the fed an "a." wecht dig under that if you would like more. the fed can't solve a coronavirus. that requires the federal government to basically be on the front foot and what's disappointing to me so far is, frankly, even the bipartisan compromise legislation they passed in the house on friday night has giant loopholes. one of the key intentions of the legislation was to make sure that people who are sick don't go to work and infect other people but the legislation allows exemptions for any company with over 500 employees and allows for an application for hardship exemptions for any company under 50 employees that's 80% of americans that wo

fed presidents. our michael mckee in conversation with the dallas fed and the atlanta fed president. this is bloomberg. ♪ ♪ this is bloomberg "surveillance," tom and francine from london and new york, from our homes. catherine mann of citi, we were talking about the fiscal packages and how they differed from the europe -- from europe in the u.s. recovery for the second half of the year, are such predictions too optimistic? catherine: i do think the trajectories and profiles of the economic part of this will be different. the prospects for the u.s. as there will be a deeper downturn in the second quarter, maybe into the late second quarter. the deeper you go, the faster you come out. i don't want to call it av or even a recovery -- i don't want v call it a ve or even a -- or even a recovery because there will be negative growth for the whole year, but the trajectory looks better in 2021. in does on the european side, the debt is not as grave but we do not see as much as an improvement. has a very serious recession. --doesn't have a trajectory going forward into 2021, and you are a busi

fed to do more. how far can the central bank go? will they go? several former fed officials in fact said the fed needs to expand their tool box. what might that look like? i want to bring in former dallas fed advisor, danielle dimartino both. danielle, i know you're not a big fan of the fedex expanding their tool box. ben bernanke said as much. i spent a lot of time researching. went back to the operation twist, 1961, named after the old chubby checker dancer craze. there is no way they can use interest rate cuts alone to combat major catastrophes like the one they're facing now. >> no, charles, you're absolutely right. they're not going to be able to. we already got for the march 18th meeting coming up in a matter of days, we already have the market beginning to price in another half percentage point rate cut. after that, they just got one more to go, if we're going in 50 basis.increments. if you remember, i know you were there, 2018, 2007. once the emergency rate moves come in, the fed moves quickly to the zero bound, which comes to your question, what next? brainard on the fed has done a very good job mapping out what the n

fed has lost control 10 year u.s. yields collapsed after fed 50 basis point emergency cut and it's fed has ramped up balance sheet there you see when they tried to taper the ponzi scheme last year now they're having to expand the balance sheet but at the same time again the hive mind the bond investors never believed that that was like if you turn it upside down that was exponential growth and basically the 10 year yield of the central banks of the cassar you know they approach it like a citadel and so they're taking all that stuff into. the citadel and are not yet at the point where we're declaring that victory over central banks because they have the ability to expand their citadel exponentially and the boomer play the coronavirus it targets 6070 and 80 year olds that's a way to pass on some hope to the younger generation also the boomers tend to hate bitcoin so here we have a pandemic the coronavirus and the pandemic of big oil all targeting the 6070 and 80 year olds that's trying to pass the baton on to a younger more enlightened generation i might add that. i mentioned his organization that does system risk they s

fed. the bank could essentially give that loan to the fed, and the fed would give them the cash for it. it will take a few days to get that working, but they say their has been a lot of progress, and they hope to have it up as -- there has been a a lot of progress, and they hope to have it up as quickly as possible. vonnie: yes to one question on the minds of everybody's streets, inflation. all of this stimulus, will it create inflation? kaplan talked about disinflation. how were do we need to be? taylor: both adjusted we do not need to be too worried because the contraction will happen so fast and be so deep that it will be deflationary, possibly. disinflationary, certainly. the money coming in will offset that, and we will probably not see any kind of major rise in inflation except for, maybe, hans sanitizers. vonnie: i suggest everybody watch both of those interviews. plus trillion dollar stimulus package is set for today, although a republican congressman could hold off the timing just a little bit. either way, is it enough to satisfy markets? joining us is barings' chief global stra

fed? did the fed pan sniic this person suggested the fed moved too early and one of the reason yes the market reacted in the way it did is because it believes like everybody for the most part head said that a fed cut alone isn't going to spur somebody to go stay at a hotel or eat out at a restaurant more or take a trip that something from the fiscal side is also needed. and that's one of the reasons for the disappointment you know the criticism that's out there today that the fed panicked that they didn't have to do this that the move they did suggests that it was knee-jerk and it's not going to have that big of an impact from an economic demand standpoint which is what you're going to have in the words of nester today tell me what the fed does about that >> i think the fed did exactly what it told investors it would do we go back several months and say look at what powell said he said, look. we're going to change our stance of being on hold if there's a material reassessment in the outlook, anybody who doesn't believe there's been a material reassessment of the outlook has not been paying at

if the fed were to do that, people would accuse the fed of embarking on fiscal policy. the fed for these emergency facilities like they got during 2008. alix: you feel like the conversation between -- do you feel the conversation between jay powell and secretary mnuchin can be done the way it was in 2008? william: everyone says they have a good working relationship, so i don't see problems there. alix: congress is saying things like let's just cut some checks and send them out to people. what needs to be done today to help? william: i think that is actually a good approach. what is going to happen to people who can't work is their incomes are going to fall pretty sharply, and people have things they have to say current on. i think you should send checks to household and keep those flowing until coronavirus moderates and we actually have economic recovery. alix: is there anything they can do to avoid recession in the u.s.? william: it is going to be pretty difficult at this point. the rest of the world is also highly affected. it seems to me that it is certainly going to be a ve

fed was not a cut by the fed. it was the market that made the fed move. the fed was merely catching up to where markets are. ineffective, and really not an appropriate tool at the moment. the fed's job at the moment is to make sure there's sufficient liquidity in the markets to handle any disruptions they have in the payment of global capital flows, make sure if there is any disruption, the demand for liquidity and safe assets is met effectively. the fed has fallen down a couple of times on that in the past, but i think that ought to be the focus of monetary policy. with respect to any sort of stimulus or palliative to the issues we are facing, absolutely ineffective. marketscle memory in the at the moment is you buy the dip because there'sp this thing called the fed -- called the -- there's this thing called the fed put. are we now calling that into question? michael: absolutely. we are at the end of that game. equities are already yet historic lows. the effectiveness of monetary policy at this point absolutely calls into question this notion of a fed put that no longer exists, and investors should be wary