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The Recession Paradox | Alfonso Peccatiello
Forward Guidance
The Credit Impulse and the Rate of Change
In 2021, actually in Q4 2020, the credit impulse was the highest in 20 years. Why? Because credit was cheap like hell, because the government with fiscal transfer inject money in the private sector. And so that impulse, is it a rate of change terms? Yes, that's correct. So in 2022, it was comparing it to 2021, when we had pretty much the biggest fixed income bubble ever.
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