@NorthmanTrader The #FedFunds Rate (or #IOR rate) can never EVER normalize to level between 1983 and 2007 again b/c the #refi costs to $SPX &amp; $IXIC would crush free cash flow to equity &amp; sink equities. It would be the mother of all #MinskyMoments. Rate normalization is DEAD. https://t.co/Y1YBzhPAk4