Worth remembering that the Fed might have be pumping the brake pedal but visible signs of the economy slowing in response also requires that the real economic participants take their foot of the accelerator ... and right now no-one is backing off ... because ...
Personal savings surplus allowing consumers to ignore the Fed ...

Fat margins and high profits allowing firms to hold back on layoffs and ignore the Fed ...

Banks however can't ignore the Fed and ultimately both consumer spending and small businesses that employ them need credit ... and cost of credit is not always the same thing as the supply ... particularly if the Fed starts QT again ....


