Cameron Crise On Fed’s Balance Sheet Problem, Equity Drawdowns and Inflation
Macro Hive Conversations With Bilal Hafeez
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The Reversal of Factors
Since since june, my hypothesis is that tratel could been so bad that even marginal floes are pushing prices much more than the they normally would. And if your starting point is a market that's fully hedged and or under weight, with very high cash holdings, which i think is probably characteristic of wor we were in midJune. As those hedges get unwound, or as some of that cash gets deployed, there is a disproportionate move in the cash market ar relative to history,. Because liquidity is so poor, and there is really no one to take the other side at this particular point ind time.
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