Rest easy everybody, because Jay Powell, Chairman of the Federal Reserve, says that while the US corporate debt market requires some “reflection,” it is not a subprime crisis. We happen to agree with the Fed Chairman because it is not another subprime crisis, it will be worse than the subprime crisis. We also have other central banks the world over getting ready to cut interest rates, if they haven’t already. This is a complete 180, to what we were hearing last year from central banks whom were either in wait-and-see mode or were more likely to hike interest rates. Now of course we’re in the midst of slowing global demand and policy tools are wearing thin, so central banks are coming to the “rescue.” Only problem is, even some of them are starting to question the efficacy of their own policies – uh-oh!