Apple which has more spare cash than they can possibly deploy is apparently selling bonds to help pay its dividend. If credit was even remotely tight or interest rates anywhere near "neutral" would this make any sense? It does to Apple which can borrow at near dirt cheap Treasury rates six per cent below the rate of inflation. This is a glass clear sign that there is still too much funny money sloshing around in the system.
As I predicted in my risk window note, the Fed minions were out in force today trying desperately to convince anyone who would listen that, no, Powell is not about to pivot and, yes, they really, really are serious about jacking up rates to kill inflation, pinky swear. This month they are supposed to start serious draw down of their balance sheet. When the rate of draw down starts to equal, or better, exceed the ramp up, then you know they are serious. Until then, talk is cheap, but not as cheap as Apple is borrowing.