The Credit Crunch is Here
The Macro Trading Floor
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The Market Pricing of the Fed's Cuts
The market pricing of the Fed looks relatively quote unquote violent already for the next few meetings. There is an implied risk of a cut just more or less stays after the hike was implemented here. And I guess the way to look at this is basically that this could be seen as an insurance premium again against the complete meltdown in banking. So it's not the base case, but 30% is not a negligible probability either.
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