Liquidity and the Fed's Hawkish Pivot

Charley Hernández: What i took away from the rest of your deck is that it really speaks to me, and it's about liquidity. Some people think that that liquidity has been mostly provided as a result of monetary policy. Other people don't believe that that's what's driving it. But one thing that does seem to be clear is we don't have as much liquidity in markets as we used to. And this demand for downside hedges will bleed into higher real yields, which are going to bleed high valuation assets both within equities and fixed income.