I guess you could (say) that the Fed sees the light at the end of the tunnel. They believe that they have taken a lot of accommodation out of policy now.

I believe there is now light at the end of the tunnel,

The Fed is a price fixer; it fixes the price of short-term credit. If there's an increase in demand for credit, interest rates want to rise. But because the Fed is fixing the price of credit to keep rates from rising, it has to create more reserves or allow banks to create more money, and that's what leads to bubbles.

The odds are six to five that the light in the end of the tunnel is the headlight of an oncoming train

There is light at the end of the tunnel

Light at the end of the tunnel? We don't even have a tunnel; we don't even know where the tunnel is.