Inter-market Inconsistency
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David, it sounds like you agree with Larry Summers that the terminal rate is at high risk of being more than 5% (in order to generate a positive real FFR)? This would align with the idea that cash remains the place to be (and all may be made clear soon by the FOMC).
I agree with your assessment of the market and found it comforting that I'm not alone. I can't make heads or tails out of it either and I'm left with no explanation as to the rally, to the point that I've embarked on taking a fresh look at it or maybe a 40,000 ft zoom out view to see if my perspective on the market is different or out of timing. I'm onboard with the BNTX trade and will probably add to that position. Thanks for your video!