Onomatopoeia: The Guaranteed Dovish Fed Pivot

Onomatopoeia: The Guaranteed Dovish Fed Pivot

This is a bit of a broken record, but I'd be remiss not to emphasize it on the first day of a new year: Fed tightening cycles usually don't end well. That's not to say they always end in disaster, nor is to suggest that equities will necessarily be the casualty this time around. Rather, it's just to say what BofA's Michael Hartnett says whenever the opportunity presents itself. The familiar figure (below) illustrates the point and provides some useful historical context. Many readers have seen
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