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Release The Hawks?
There's good news and bad news if you're Jerome Powell.
The good news is, the 2022-2023 rate-hiking campaign is on the verge of becoming the exception to the rule.
Generally speaking, Fed hiking cycles break something. And while there were some harrowing moments (most notably the October 2022 gilt crisis and the March 2023 US regional banking drama), nothing's "snapped" just yet.
The familiar figure above, from BofA's Michael Hartnett, is an annotated reminder of... well, a lot of things, a
