MacroVoices #367 Luke Gromen: USD Update in the Wake of SVB Collapse
Macro Voices
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What's the Next Shoe Going to Drop?
We don't know yet whether this contagion is already ending or if it's just getting started. We put this is a confidence game, and the Fed is trying to be proactive by making it clear that they have depositors' backs in order to squash any further panic. The Fed has a strong incentive to lie about what's really going on in order to shore up confidence. If inflation continues to run hot, the Fed just might continue hiking rates despite all of this. And if they do, it will invite an outright panic in the markets.
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