Great Article ron. All the comments are interesting as well. So with the latest information we hear from the Fed about letting the economy overheat a bit mean that the Fed won't reduce their balance sheet at all? And is there anyway they can create a managed recession or soft landing by slowing or reversing the purchase of the new and outstanding debt while BOJ/ECB buy a little in the meantime? I think you alluded to that hand-off but wasn't sure what the net effect was. Is it keeping the yield curve anchored basically where it's currently at?