Where The Risks Are: A Spider Web Of Financial Excess

One of the more striking - if underreported - developments last week, was stalwart dove  Lael Brainard turning what, for her, counts as hawkish at an event in New York.  The similarities between her comments and those that emanated from Jerome Powell during his first testimony on Capitol Hill as Fed Chair were notable. Specifically, she parroted the "headwinds become tailwinds" line and she also seemed to confirm that Fed risk is now skewed definitively to the upside. The problem - if that'