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Michael Hartnett of BofA says not yet. Looks like a great analysis to me. though I remain on the fence regarding longer-term inflation.
Heard on the Street: “No-one has the courage of their one-year convictions”.
View: we are tactical bears…“short twos & spoos”‘ til Halloween…SPX 3333to force “policy panic” (Nov 16th G20), then rally; “Big Low” not ‘til Q1 when recession/credit shocks = “peak Fed”, “peak yields” , “peak US$”; trade of‘23 short $, long EM, small cap, cyclicals.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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