The Implications of Fed Tightening

Ganon: It sounds to me like Dale is basing the majority of his takes on the assumption that inflation stays hot. What if inflation surprises to the downside? I don't know if you're basing your thesis on the fact that inflation stay hot, but you touch on both of these. Well, you know, a big sell off in the S&P's,. as I said before, is a bit disinflationary. You think it's liquidity less than driven by inflation, right? I think it's like the credit contraction. Ganon: The market really never realized what the implications are from Fed tightening, and now they're going to price it in.