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High-Altitude Hallucinations
Late last month, in "Plane English," I expressed something akin to exhaustion with market participants' never-ending allusions to aeronautics in the context of the macro-policy discussion.
At the time, Christopher Waller had just wrapped up a speech describing the evolution of the Fed's tightening cycle from the perspective of a pilot. "The view from the cockpit is very different at 30,000 feet than it is close to the ground," he mused, in remarks prepared for an event in New York.
I thought w
The dragooning of aeronautical metaphor reminds me of the limo scene in TBL. Hartnett would be the Big Lebowski, with markets impeccably played by The Dude.
“Look, nothing is f—ed here, man.”
“Nothing is f—ed? The plane has crashed into the goddamn mountain!”
Yeah, well, you know, that’s just, like, your opinion, man.