1. There are asset bubbles in every corner of the financial markets. 2. Inflated asset prices are not having the broad impact on consumer behavior that would be expected. 3. The Fed's zero-rate policy is keeping real interest rates negative—a double-edged sword for income growth. 4. When the next economic downturn arises, the Fed has no powder. 5. Inflation is now at the Fed's 2.0-percent target and the labor market is much tighter.