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Chris Whalen on Big Bank Earnings and the Return of Credit Risk

Forward Guidance

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The Fed Doesn't Hed - What You Should Know

When the Federal Reserve central bank moves interest rates enormously in a very short period of time, that imposes drastic losses on holders of duration securities. The only way you normalize this market is to get that duration two and a half trillion dollars in nominal face amount back to the private market. I think opportunistically, you don't want to be a seller when the market's retreating back. But if they're anywhere near three, I want the desk to be selling every day.

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