A Fantastically Metaphysical Market Metaphor

A Fantastically Metaphysical Market Metaphor

In September 2015, just a few weeks after the latest incarnation of Black Monday, Deutsche Bank's Aleksandar Kocic described the Fed's new reaction function as the removal of the "fourth wall." The FOMC, by admitting that international financial conditions were indeed part and parcel of the committee's reaction function, had effectively acknowledged the crowd's participation in the play unfolding on stage. No longer were investors mere "observers" with no ability to "alter," they were partic
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