Noted for Your Morning Procrastination for October 14, 2014
Department of "WTF?!": Yes, Clifford Asness's Views on Global Warming Are Insane: Why Do You Ask?

As Measured by the Five-Year Inflation Breakeven...

...the U.S. economy today is further from "normalization"--understood as a 2%/year breakeven inflation rate in financial markets--than it was in June 2012, just before Bernanke began talking about "unwinding" and triggered Ms Market's Taper Tantrum:

5 Year Breakeven Inflation Rate FRED St Louis Fed

Why the steep slide in expectations of inflation since June has not triggered more of an FOMC reassessment of its policies than it has is a mystery. Such a reassessment certainly was not on display or in sub rosa whispers in Washington DC during IMF week...