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Is That Good News for Risk Assets?
The markets have responded extraordinarily well to the fastest hiking cycle in history. We can get it in structurally, but nothing and any chart is telling you impending doom in the next month or two. Recessions are long, difficult periods, right? In the 2000 recession, March of 2000 is the peak. We do not find the bottom until I believe April or March of 2003,. Somebody might remember this better than I do, but it's a three year process.