I don't think people realize how bullish this is.
Cuts coming well before credit tightens up.
As it is, lending is soaring:
https://fred.stlouisfed.org/graph/fredgraph.png?g=1N1vO&height=490
Spreads are mega narrow already:
https://fred.stlouisfed.org/graph/fredgraph.png?g=1N1vW&height=490