Well that's a general market sentiment, but the market has generally been too exuberant for some time now and there is real risk that it's still being in that mode, starving for things the way they were. Resetting has a way to go still, both in evaluations and sentiment or expectations. Given the past, that's a hard struggle to do for the mindset that the market has been conditioned to be in. I think we might be going through the consequences caused by our past longer and deeper than the general sentiment is allowing for.
There's lot of pressure on the Fed from different sources to keep it at those levels you spoke of, but many macro situations that is beyond the control of the Fed are going to rear their ugly head and come into play. The conflict between the two (the pressures vs the macro situations) are going to be interesting to say the least and we're going to need the next few quarters in 23 to see how this all plays out.
Whatever plays out, it's more than likely that it will be harsher than the expectations.
