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What are the Politics of a Fed Pivot? | Nick Timiraos

Hidden Forces

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Do You Think the Yen Is a Funding Currency?

The question is, if the yen breaks and JGB yields are forced higher, what does that mean for market liquidity around the world? I don't have any thoughts. There's another question that's for the experts here too, Nick, but I'm going to toss it to you anyway. The question is, how high do rates have to go and remain in place before debt servicing costs crowd out discretionary spending? Very specific question.

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