You know you have a deficit spending crisis when: 1. The president is calling for a 250 basis point rate cut 2. The US is on the brink of joining a war against Iran 3. CPI inflation has fallen toward the Fed's 2% target 4. US effective tariffs rates are near their highest in history 5. The Fed began rate cuts with a 50 bps cut for the first time since 2008 Yet, interest rates keep on rising.