I've been on (and on) about the Fed's financial conditions reflexivity problem. The dynamic is easy enough to grasp. I'll briefly recapitulate. The Fed needs financial conditions to remain a semblance of tight in order to coax the inflation genie back in the bottle, but not so tight as to make a hard landing (or a recession) a foregone conclusion either through too much demand destruction or some manner of financial crisis. When financial conditions tighten such that the odds of an "accident"