A Brief History Of 2023’s Macro Narrative Stop-Outs

Keeping track of the macro zeitgeist in the post-pandemic world can be difficult. To the uninitiated, it's well-nigh impossible. More art than science, the task comes down not just to determining how to characterize good and bad news, but also to anticipating shifts in how other market participants will be inclined to trade the incoming data vis-à-vis monetary policy. It's really about tipping points. So, for example, how much good news is too much, where "too much" means enough to turn monet