‘It’s Not An Emperor-Has-No-Clothes Story, But…’ Fed Bank Buster Isn’t Sure About Former Colleagues

“Coming fresh to a place where much of the discourse was accepted or assumed by the very smart economists on the FOMC and the Fed staff helped me to see where some of that received wisdom was not holding-up well in the circumstances we were facing.”

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Central Banks Have ‘Aided And Abetted Market Manipulation’: No One Read This Speech By Kevin Warsh

“The guild is unwise to treat financial markets as some beast to be tamed, cub to be coddled, or market to be manipulated. Too many policymakers appear in thrall to financial markets, and financial markets are in thrall to policymakers, but only one of them will get the last word.”

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This Is The ‘Trickiest’ Thing For Today’s Macro Traders

As Bloomberg’s Cameron Crise notes, this is “a particularly acute issue for currency and bond traders,” but given the fact that the fate of the risk rally depends in no small part on whether policymakers exhibit an “appropriate” level of dovishness as they attempt to normalize, one could well argue that it’s even more “acute” for equity investors, especially considering the fact that the retail variety isn’t usually very informed and is thus subject to being unhedged and blindsided.

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