McElligott On What The ‘Fed Put World Order’ Hath Wrought

McElligott On What The ‘Fed Put World Order’ Hath Wrought

Over the weekend, I talked a bit (ok, a lot) about the prospect of the market rapidly pulling forward the assumed knock-on effects of Fed tightening on the way to essentially forcing policymakers to start walking (more precisely, talking) back the hawkish tilt from the June FOMC. To be sure, the situation is still a bit difficult to parse. There's a difference between the market getting caught wrong-footed (in steepeners, for example) and having to unwind and otherwise de-leverage, and leaning
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