".. Usually, it takes an economic downturn or a financial panic to purge excess leverage from financial markets. If central banks achieve a soft landing, markets will have seen neither even as they are further buoyed by rate cuts, which will prompt further leveraging.

"..they should raise the bar on intervening whenever it gets into trouble.

As with forest fires, small conflagrations can prevent a larger one"

https://www.ft.com/content/9dd2d4cd-a130-406c-82e4-4edfc1883b41 via nostr:npub14ksegjfnvcaptrannd5j34qw0hgz6d4n5vssuca96vpyvhswpkfswwakrn