ReSolve Riffs with Alfonso Peccatiello (aka MacroAlf): Liquidity and the Global Macro Landscape
Resolve Riffs Investment Podcast
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The Interplay Between Inflation and Monetary Policy
I really like this framework. It's actually in many ways almost orthogonal to the traditional all-weather kind of framework that's driven by growth and inflation. So for example, in 2022 we had what many would think would be net tightening but we had high inflation. Commodities worked as you mentioned, commodities worked very well in the first half of 2022 even though the Fed was still quite accommodative in terms of having still very negative real rates. The way you need to think about inflationary animal is basically a diagonal dimension that goes through all four quadrants because it hits on the growth side too. We've often joke that you need three dimensions in order to accommodate liquidity which is
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