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Macro Voices
MacroVoices #447 Eric Peters: US/EU/China, Competitive Outlook
Sep 26, 2024
In this discussion with Eric Peters, CIO of One River Asset Management, he dives into the competitive dynamics between the U.S., EU, and China amidst rising geopolitical tensions. He offers a keen perspective on how Federal Reserve policies could shape the future of the U.S. dollar, especially with the emergence of digital currencies. The conversation also touches on inflationary pressures and their effects on commodity prices and equity markets, along with insights from his new role in digital asset management.
55:55
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Quick takeaways
- The Fed's struggle with inflation and high real rates highlights political challenges impacting its ability to achieve a soft landing amidst budget deficits.
- The shifting economic dynamics among the US, EU, and China reveal significant disparities in resilience and competitiveness, exacerbated by de-globalization trends.
Deep dives
The State of Inflation and Fed Policy
The current economic environment highlights the Fed's political challenges as it grapples with inflation. Despite initial beliefs that inflation was transitory, the Fed has had to raise rates at an unprecedented pace, leading to high real rates that affect borrowing costs for businesses. With the political landscape impacting the Fed's decisions, concerns arise about whether the Fed can achieve a soft landing while dealing with substantial budget deficits. The ongoing political dynamics and the current economic strategy suggest that the US is choosing to pursue higher inflation amidst substantial spending obligations.
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