Alberto Gallo on Investor Complacency, Crisis Risks and Fed’s Dilemma
Macro Hive Conversations With Bilal Hafeez
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The Elephant in the Room: Are We Going Back to the Pre-Covid World?
There's still a lot of vintage long duration positions across financial institutions, both non-bank financials. A lot of business models that rely on persistent cheap funding in emerging markets. We're not forecasting the 10 year to go to 5, but we're definitely very wary of situations where inflation expectations might be anchored. And I think the UK is a case in point here.
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