Good point El Gato. What concerns me is that while they're telling us it's transitory/nothing to see here, they are doing absolutely nothing - which makes it very clear to me that they either 1) do not know what to do, 2) don't really care about the coming economic conditions, 3) are so incompetent that they buy into their own narrative. Seems to me it's a combination of all three and if so, we will be on this course for quite some time.