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The excellent Michael Hartnett at BofA.
Zeitgeist: “If you can get a billion streams, why can’t you get a million dollars”says Snoop Dogg as share price of Big 7 Tech companies hits 30x earnings & 8x sales.
The Biggest Picture: 0% to 5% in 15 months (Chart2); Fed hiking cycles always ‘break’ something…this time US regional banking system (Chart 3); credit event normally means panic Fed ease, but inflation too high, unemployment too low, so ”sell the last rate hike.”
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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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