3min chapter

Forward Guidance cover image

The Great Liquidity Debate | Michael Howell & Andy Constan

Forward Guidance

CHAPTER

The Fed's Decision to Come in on the Debt Crisis

The size of deficits matters, certainly to the level of rates. The private sector is forced to come in if foreigners are not going to buy this increased issuance. I am not a believer in the fact that the equity market operates closely with the fixed income market. There was a close arbitrage for a number of years when inflation was predictable and low. But we're in an environment now where inflation is less certain.

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