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Slaying the Inflation Dragon | Jurrien Timmer
Forward Guidance
The Risk-Free Part of the Tightening and Monetary Conditions
When the Fed is tightening and it's withdrawing liquidity from the system, the risk premium doesn't necessarily have to change. I see this a lot in the credit markets when people say, look at HYG, it's down 15%. The average mortgage rate is now 5%. And so it makes sense that if it goes up for a company borrowing in the credit market, why wouldn't it also go up for the equity markets? So to me, that's just a logical way of looking at it.
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