Why Marko Kolanovic Sees A ‘Rate Shock’ Reckoning

JPMorgan’s Marko Kolanovic doesn't agree with the notion that the majority of the drag from the most aggressive rate-hiking campaign in a generation is behind us. At all. He doesn't agree with that thesis at all. Some analysts suggested earlier this year (and some are still suggesting as much today) that because the financial conditions channel operates more efficiently in modernity than it did decades ago, we've likely seen peak drag, even if the cumulative total impact may still be growing.