TPW Advisory Friday Musings: Firebreak

414 Views24 Mar 2023 20:34

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SUMMARY

The plate throwing, table tossing, cross asset market action continues to pingpong across the Atlantic as US /EU bank fears continue to burn like wildfires, leading to sharp falls in rates that coupled with weakness in energy prices signal markets are prepping for recession.
The fear used to be that the Fed would overtighten and force the US economy into recession in order to get inflation down to its 2% target.
As we wrote in last week’s Musings we think that battle has been fought and won by the forces arguing for a higher target, though we note BofA’s FMS suggests that 65% of those polled disagree with us – only 65%?

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