Powell's Leverage on the Offshore Dollar Markets

Iida: I always felt that Powell wasn't raising interest rates to tame necessarily just to tame inflation, that there was a bigger job at play here. The leverage from the offshore dollar markets has to be brought under control if he's going to do anything to tame incipient inflation long-term and get the United States cap table to look even remotely reasonable in the future. You're seeing it play out in the Swedish commercial real estate sector. Things are becoming unhinged anywhere that there's leverage because the non banking sector was never designed for the normalization or higher.