The Fed's Attention on Liquid Deposits

The market seems to have glossed right over the fact that we're in a phase one liquidity cycle downturn. And on that liquidity reduction, we are now starting to see some pretty significant moves lower and things like M1 bank deposits in small regional banks. Bad things happen when the liquidity in the private sector starts to evaporate and deflate the way it does. In order to get that money reflation out of the public sector, I'll tell you two things that can happen. It's going to take an uncomfortable QV in those rate cuts that we ultimately really want as investors.