Landings & Rebalancing

Ironsides Macroeconomics 'It's Never Different This Time'

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Landings & Rebalancing

Slowing labor income, Fed preview, QT, M2, capex, industrial margins and earnings

Barry C. Knapp

Jan 30, 2023

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This audio summarizes our January 28 note, Landings & Rebalancing

Figure 4: The Fed is content with an ample bank reserves regime, but this is excessive. The agency MBS portfolio has contracted by $306 billion to $2.62 trillion. The majority of coupons on the Fed’s agency MBS portfolio are 2 and 2.5%. What a long, strange trip it’s been (going to be).

Bar…

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