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Japanic Sets In

The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent.

Considering that the latest ARM resets and Alt-A issues haven't even begun to rise to the surface, I think we can confidently say that the Treasury and the Fed might have to turn to the balance sheet (again) sooner rather than later. Nay?
What bubble might we "accidentally" inflate next?