Nobody's going to default in the U.S. Treasury market. The biggest concern I have is that not everybody understands that, and some people understand it better than others.
If we get more inflationary data, that could bring people back to their senses. Just because the Fed talks about inflation in a benign way one meeting doesn't mean that feeling will be pervasive at the next meeting.
His star is shining. People are looking to him as an unofficial chairman.
People are breathing a sigh of relief and bought a few bonds and stocks. Everyone plays, everyone wins.
The Fed keeps trying to walk the middle course, and unfortunately that gives ammunition to people who think the Fed should be raising rates more and ammunition to people who think the Fed should be done.