The Fed's Got It Wrong

Jefferies: When the curve is positively slow, when long rates are higher than short rates, what is it telling us? Jeffries: The expectations that the future growth and inflation is going to be higher, you are actually hopefully being compensated for that. He says foreign investors usually do get it right, and they're typically always early. Jeffreys: If their foreigners are betting in the opposite direction, just the fact that they've that the curve has been inverted and bent and distorted as much as it is, we're already giving ourselves the answer here.

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