Fed will do anything to save us

Every time we start having problems in the markets, people call the Fed and say, "You must save Western civilization; it's going to end."

Janet Yellen

The Fed, which is made up of bureaucrats and academics who don't know what they're doing, then panics. They're going to do whatever they can to save us again, so interest rates might have one more down leg, but it's the end.

The bond market is making a top and has been making a top for a while. The market is just not going to take it too much longer. You might have a temporary spike down, but don't pay too much attention to it. I'm not short Treasurys, but I am short junk bonds in the U.S.