There is an old adage ... "I will stop panicking when the Fed starts panicking." --- The Fed is not panicking. FT this afternoon ... Susan Collins, head of the Boston Fed, said “markets are continuing to function well” and that “we’re not seeing liquidity concerns overall”. But she said the central bank “does have tools to address concerns about market functioning or liquidity should they arise”. --- Jamie Dimon suggests the Fed will soon be panicking. Bloomberg this morning ... “There will be a kerfuffle in the Treasury markets because of all the rules and regulations,” Dimon said Friday on an earnings call. When that happens, the Fed will step in — but not until “they start to panic a little bit,” he added. --- Translation ... it is not bad enough yet.