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3min chapter
“Nightmare Scenario” For The Fed | Felix Jauvin
Forward Guidance
The Fed's Going to Tighten Until Something Breaks
The implication of Joseph's way of peace is quantitative tightening can only continue for a few months because something can break. Historically the things that have broken have been things within this, you know, granular and sometimes ambiguous short-term funding markets. The second possibility of something that breaks is these more long-term issues of both refinancing and just long-end yields. You know, when we compared to what had just recently came out just last night in terms of the Bank of Japan announcing that they've moved their cap on yield curve control on the 10-year JGB from 25 basis points to 50 basis points. That's gonna have huge cascading effects on the long end of the yield
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