1. The Fed
Humanity's natural inclination is to hope for the best, but prepare for the worst. The Fed have done just that with their last meeting. Unfortunately it's a confusing message to deliver. Having spent a year embedding an obsession with shortfalls in employment, they have now dashed to the other side of their dual mandate with a sudden emphasis on inflation.
The hawks embraced Quarles' recent reflationary speech, pushing the doves into a precautionary risk management nod towards their . . .
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