Are rate cuts a solution in search of a problem?

There's no shortage of money, and no surplus of people . . . if anything, there's a shortage of good productive things to invest in, and it's unclear what rates have to do with it

Random Walk is at a conference this week, so notes will be shorter and lighter.

• mind the super core

• people shortages are still out there, particularly in capital intensive sectors (like construction)

• no money shortage and no people surplus, so cheaper money seems like a solution in search of a problem