Michael McKee

And this is something that you talk about a lot.

And Jim, I'd love your thoughts on that.

This idea that this is a Fed that is now buying bonds once more, buying notes once more.

And they're doing so because of reserves issues and really technical considerations for the market.

They don't want another repo freak out.

At this point, though, it does indicate a structural issue.

with how much debt is out there, the government deficit that's not going down, and a question of the Fed's role.

Are they being forced to monetize the debt in a way that will keep them artificially easy if you were just going off the economic outlook?

Jim, I love your comments on that, this idea that everyone wins.

If you do have monetization of the debt, yes.

You do have ongoing fiscal spending, yes.

But that helps support the markets, and we're not seeing runaway inflation.

So what's the problem?

Jim Bianco, thank you so much, as always, for your insights.

This really is going to be the debate.

How does Fed Chair Jay Powell position himself and position the FOMC as being politically independent at a time that's highly politically charged?

We hear every single day about the Fed chair from this president.

Which is the reason why the Fed's role in this is getting increasingly politicized.

Dan, I'd love your take on how this Fed is taking into account productivity gains of AI and talking about Goldilocks, because essentially that is the scenario that they laid out in their statement of economic projections.

If that's the case, Diane, why are not forward break-even rates rising substantially?