The Tension Between Fiscal and Monetary Policy Going Forward

The tension or the tug of war between monetary and fiscal policy going forward is going to be essential for all investors to monitor. The explosion of fiscal spending and COVID which very clearly led to inflation in part because it was simultaneous with very easy monetary policy, but that has forced the hand of the monetary authority to walk it back. I think when we consider how the interaction of fiscal and monetary behaves going forward, we're going to see a lot less of that central bank put. And so we may ultimately move to a better place, althoughI will say it's early in the process and certainly unclear as to how that ultimately plays out.