Inflections
Rate of change, 'all but' SFP, reflation, ESG consequences and disintermediation
Inflections
In one of our New York City meetings, as we discussed Evergrande we came to conclusion that those who were looking for systemic risk originating from Chinese real estate likely had causation reversed. In recent weeks we characterized growth, liquidity, monetary and fiscal policy as reaching a negative inflection point. In particular, the proc…