Markets Are Quiet. Too Quiet.
Many Happy Returns
The Importance of Uncertainty
AQR think that maybe we're in such an uncertain time because of two things. First, central banks around the world are really facing trade-offs between inflation and employment. And then secondly, they say that market expectations for interest rates, inflation, and growth disagree significantly with what policymakers forecast. But I wonder if this is just kind of uncertainty inflation, where you get used to a world in which uncertainty is greater.
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