The Fed and the Liquidity Cycle

The debt refi cycle comes towards the back end of this year 2024-2025. I think we'll see monetary printing, a cutting of rates coming over that period of time. The monetary printing will be brought forward if the banking crisis comes back again. My view is there's a potential that later this month we start to see some cracks appearing there again and that narrative comes back. We'll wait and see. It's not my core thesis but it's something that I'm observing.