I think not. The U.S. economy is slowing, and all around the world economies and markets are fragile. If it weren't, the Fed wouldn't have slipped in a surprise rate cut a couple of weeks ago. Last month I registered my surprise at how far and how fast they had fallen. It didn't surprise me at all that there was a reversal, but today the foundation for my comments months ago is even stronger.
Inflation is non-existent.
Real interest rates in the U.S. are among the highest in the world. The Fed understands this economy and they won't let it slip into recession without a fight. Liquidity in key markets is as poor as has been seen in years. Nobody wants any extra positions on their books at year-end. This is not junk we're talking about, but good quality corporate paper.