The Powell Put Won't Save Stocks | Joseph Wang
Forward Guidance
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The Effects of the Fed on the Asset Value of Treasuries
When the Fed raises rates, what they're mechanically doing is that they're imposing losses on your portfolio. The magnitude of the losses have to do with how large the debt market is and it's enormous. So when you hike rates just a little bit, the losses that you are creating are very large. You can see risk assets basically melt throughout, let's say, November and December of 2018.
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