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The Great Liquidity Debate | Michael Howell & Andy Constan
Forward Guidance
The Fed Reverts to Objective, Bonafide QE
In your world, Michael, in 2024, the Federal Reserve will be doing quantitative easing because long-term interest rates can't be allowed to get that high. And you have a various what you call the script, a script for a player or a movie and act two or act three is when long- term interest rates go up. So basically, you have similar views on the economy and bonds that it's a bear case for bonds. But Michael, at some point, you think the Federal Reservewill revert to objective, bonafide quantitative easing. I think the natural course, well, let's not say the Federal Reserve, what I would, I mean, I'm not suggesting that
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