Fade the “fake” Fed pause

The robot whisperer Charlie McElligott at Nomura. Sounds right to me.

Fade the #fake news Bostic September “pause” meme—where despite likely being past “peak hawkish / peak inflation / peak rate vol,” that does not mean that all three cannot stay persistently higher (SEP projections update coming, ECB rate vol catalyst, Crude Oil, QT commencing, Chair Powell’s own words on “not a time for tremendously nuanced readings of inflation”), and why I think that 50s remain the weapon of choice to do it.

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Houses and Holes
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