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Is because Jerome Powell was trying to orchestrate this immaculate soft landing which has never occurred before in a hiking cycle and inverted yield curve. The way you kill inflation is to cause a recession which brings short term yields down and consequently long term follows in lockstep. What's happening now is the long end is rising which is telling me inflation has not been slayed. What I've observed with this cycle is that interest rates should have exceeded nominal gdp which was the case in every past recession. They fell short of doing do and now they are cutting too aggressively when the bond market is clearly giving a different signal.
I'm not impressed.
