We're at a Big Macro Turning Point
Real Vision: Finance & Investing
00:00
The Minsky Moment
The pendulum between inflation and recession is just swinging wildly from one month to the next. I think you can be bullish on bonds occasionally as people have done, but it hasn't usually paid off for very long. We've been desperate to get back into the bond market at every opportunity. Inflation expectations are still very low. There is no regime change that is priced into bond markets. The term premium was really sticky. It took the best part of five, 10 years for investors to realize they were now in a different world.
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