The Fed Put’s Alive And Well

Last month, I spent some time editorializing around a 2024 outlook piece which echoed many of my own talking points regarding the extent to which chaos and volatility are in fact the norm for humanity, not the exception. If that's true (and I'm quite sure it is), the post-pandemic, war-era macro regime represents a return to normal, whereas The Great Moderation was in fact the outlier. That's the opposite of how economists tend to frame the debate. Even those old enough to know better suffer fr