The year-over-year gain of 1.7 percent reinforces the sense that the current series of Fed rate hikes is nearly finished.

We had a bit of a relief rally. And perhaps there's the sense that the Fed is finished for now.

I wouldn't be especially concerned about a major episode of financial distress resulting from the recent and forthcoming Fed rate hikes. I don't think it would be enough to cause pain -- unless you have people managing financial institutions being very reckless in their oversight of the situation.

The Fed's not finished. More rate hikes loom.

Our turnover rate as of May of this year was about 70 percent, which is about 30 percent below the industry standard. We have now gotten our turnover rate down to 40 percent and we feel pretty comfortable it is going to go lower.

It gives the Federal Reserve more leeway to cut rates. But I don't believe that a BOJ rate cut means that a Fed rate cut impends.