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Jurrien Timmer: The Trade For A 2023 Recession

The Macro Trading Floor

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The Fed Balance Sheet Policy and Equity Valuations

The Fed stopped buying assets in march and has been Starting to wind down the the balance sheet since then right now. We have some you know technical things where we're between reverse repose and the treasury general Account that the the impact of reducing the liquidity is kind of being offsetright so the Fed is actually not Getting as much traction on reducing liquidity through the balance sheet as it would like Morgan Stanley put out a good chart on this that I shamelessly ReplicatedYou'll see it on twitter in next week's Q&A.

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