The question to start asking, pretty soon, is if the booming economy means that the Fed is going to have to raise rates and step on the brake pedal even harder?

The question to start asking, pretty soon, is if the booming economy means that the Fed is going to have to raise rates and step on the brake pedal even harder? Pretty soon sentiment is likely to shift towards "good news is bad news" if inflation starts to tick up again. Everyone is talking about how hiring is good and people are spending all kinds of money, that means more money chasing goods, which is going to be inflationary. Again. And we know what the Fed's views are on inflation. Meanwhile CMBS continues to slowly melt down as loans hit maturity dates and fail to pay off and debt service triples on them. Distressed office loans have increased from 3% a year ago to over 10.5% now. And across the economy, all the bad bets of the ZIRP era are finally getting stress tested.