Hawks vs. Bulls: The Fed Clashes With Optimistic Investors
The Breakdown
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Inflation and the Fed's 'Pivot' in COVID-19
The idea was that inflation was a byproduct of dislocations and supply demand mismatches coming out of global shutdowns around COVID-19. The Fed didn't appreciate how that would interact with other potential sources such as fiscal stimulus, he says. Markets got the memo early in January 2022 when the December 2021 meeting minutes were released to talk about interest rate increases - but balance sheet reduction too.
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