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Can the Fed Pivot Too Late?
If inflation is coming down faster than expected in the next few months, and the Fed is able to pivot without spurring more inflation, then that could be saved in time. The question is, does the Fed pivot too late? Right. So if inflation comes down fast enough, liquidity improves, et cetera, it's extremely bullish for risk assets a year forward. But can the economy survive without going into a recession by the time the Fed pivots? Because the Fed will eventually pivot. That is the needle that needs to be thread.