Wait Till Next Year

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Wait Till Next Year

Three policy shocks have reduced demand for labor and slowed growth, trade war update, the end of QT, very few cockroaches in banks, 10s below 4%

Barry C. Knapp

Oct 20, 2025

∙ Paid

This is a video summary of our October 18 note, Wait Till Next Year

*Figure 8: Private sector leverage ratios contracted through the ‘10s expansion, and the trend continued post-pandemic.*

Barry C. Knapp

Managing Partner

Director of Research

Ironsides Macroeconomics LLC

908-821-7584

bcknapp@ironsidesmacro.com

https://www.linkedin.com/in/barry-c-knapp/

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