Is the Fed Overdoing It?

I think the market is telling the Fed that they're overdoing it. The clearest reflection of that is the illiquidity issues that are starting to crop up. I don't think it's just that I have a suspicion that Powell knows something that we don't, which is why his tone got a little bit more Dovish or at least less hawkish. It comes down to the fact that for the last 40 years or so, as the private capital markets have grown, we have to have context here,.

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