Sep 6 • 13M

Audio: Until They Break Something

The Fed tail risk is getting fatter, the data does not justify 75bp in September

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Macroeconomic and public policy strategy
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This audio recap focuses on our September 6 note, Until They Break Something

Figure 4: Correlation works both ways, it was very high when the bubble was bursting, and even higher during the most aggressive monetary and fiscal policy in US history during 2021. It picked up the bottom in prices in 2011 when the market was clearing in non-recourse states th…

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