"In my reply to Brent in this post (comment section) I said:
The poor went bankrupt, the rich got richer and the (beautiful) deleveraging is not uniform across the income distribution which bodes poorly for stabilizing aggregate demand. We will get some idea from those probably best able to judge the strength of the underlying economy -the Fed- by how much they taper purchases this fall."
BTW, the fact that the bond market last month was totally supported by Japanese purchases may have struck fear into their hearts.