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The Fed's QT and Risk Premium Expansion
I thought that what the way the process would work is that risk premiums would expand after QE ended in a front running way before QT started. So now risk premiums will expand via quantitative tightening. And so for now, I think that leaves an opportunity before we know the final details of what quantitative tightening will be and what Janet Yellen can do with the lever she has to potentially sterilize some of that QT. Between now and May 2nd and 3rd when we get the final details on QT, which I expect we will get the framework they'll use to sell. Maybe not the selling until June or July, but at least the framework in May. At the same time