The Fed is still in a hole, but digging less quickly

The Fed's ability to commit financial seppuku, and get away with it, is an underappreciated fact of our great recovery

• Fed’s audit is here, and everything is “fine”

• losing money hand o’er fist

• Fed does PiK lending with aplomb (and you’d never guess who’s holding the IOU)

• the underappreciated secret to our post-pandemic recovery is a Heath Ledger-tier performance

• the undisputed beneficiary of rate cuts (reprise)