michael darda joins us on the fed and the markets. rkets -- do they come closer to where janet yellen would like them to be? michael: it is just the opposite. the infamous dot plot moves south, and the markets have been suggesting a much slower trajectory for short-term interest rates. there is more talk about a september move potentially. financial markets think it will be later than that, that the rate of ascent will be very -- tom: we need to look back and see what we have wrought. michael, you and i talked about this for years -- it is a liquidity trap. a liquidity trap is there. none of this has been seen before, has it? michael: it has been seen. the early 1930's -- 1932 and the very early 1950's. short-term interest rates were at zero or very close to zero. this was not something that was short-lived. it was a two-decade situation and we did have several business cycles within that period, all of which were very low rate cycles. when the fed was starting to lift short-term interest rates or tighten policy by other means, we had