Macro note: the US still has arguably artificially depressed interest rates as a hangover from the last crash. Even though the economy has picked up, the Fed wo

Macro note: the US still has arguably artificially depressed interest rates as a hangover from the last crash. Even though the economy has picked up, the Fed won't lift to normalized rates. Part of the idea was to re-inflate the value of people's homes after the 2008 crises to get everyone out from underwater but it will have bubbly effects elsewhere. We forget that these exceedingly low interest rates are a crazy thing, not usually considered consistent with any kind of regular economy. With the US at historically low unemployment rates, and the Fed still not willing to raise ... It's like eating sugar and Red Bull at every meal; you'll get ulcers in your California.