Surveillance: Smart Fed Policy with Garvey
Bloomberg Surveillance
00:00
We're in New Territories, Tom.
I think you've got to look at the shape of the curve, Tom. We haven't seen the degree of inversion that we're seeing now in the past four or five decades. I'm not convinced it's entirely the rate cut narrative. There's a bit of geopolitics out there. The center of bank is holding lots of bonds out there. And I think there's anchoring. It doesn't suggest anything like what you've just described.
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