Thinking About Macro
The Memo by Howard Marks
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Fed Largesse Can't Stimulate the Economy Without Increasing the Value of the Economy
Larger deficits could make lenders and foreign buyers demand still higher interest rates on us. The Fed largesse can be viewed as implying the existence of a fed put or a guarantee of future bail outs. Rapidly rising prices could cause inflationary expectations to become embedded in american psyches....
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