“Politics Vs. Policy”: Deutsche Bank’s Resident Genius Warns Of “Binary Outcomes”

Regular readers are familiar with Deutsche Bank's Aleksandar Kocic. Back in September, 2015, Kocic penned a hilariously metaphysical assessment of the Fed's reaction function in the wake of the market turmoil catalyzed by the PBoC's move to devalue the yuan the previous month. Kocic described the Fed's dovish tilt in the theatre context as a removal of the "fourth wall," a reference to the fact that the committee had explicitly acknowledged its own reflexivity vis-a-vis the market. Last week,