The Difference Between What You and I Believe and What Maybe Central Banks Believe

A lot of investors believe that the Fed has not banished the business cycle. They've pulled demand forward from the future, which means there's less economic demand going forward. But also by the same token, I think Chris Cole has talked about this. You suppress volatility today. You don't banish volatility. The longer that this goes on, the more extreme that volatility is going to be when it finally gets here.

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