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5min chapter
The Bank Bailout Will Create Moral Hazard | Joseph Wang & Stephen Miran
Forward Guidance
Is the Fed Really Going to Have to Hide Rates?
A week ago, I was very certain that the Fed was going to have to hike rates at least a 6% potentially well above that. The two year note has rallied 100 basis points in basically two sessions. If this creates an environment in which credit growth basically falls off a cliff, you know, I think that the economy just suddenly became a lot more sensitive to higher interest rate in the last week. Time will tell if it's enough to move the needle, then yeah, absolutely the Fed's hiking cycle is done.
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