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Grant Williams & Pippa Malmgren: The End of Magical Thinking, When Narratives Fail

Supply Shock

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The Markets Aren't Listening, Is It?

The Fed has been desperately trying to send this very strong message. Markets aren't listening, frankly, because they've blinked so many times. We have to tape a tantrum, that was the first sign that markets had back in 2013-14. It's no wonder that people are doing what they're doing. The thing is if we step back, central banks traditionally talk about price stability for a reason. But I think we are in a lot of these things where it makes no sense.

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