MacroVoices #364 Julian Brigden: On Opportunistic Disinflation
Macro Voices
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What the Market Doesn't Understand
Under Alan Greenspan, rates essentially remained within a 75 basis point range for four and a half years to bring headline CPI down 2%. The only way that was possible ever was if you pursued deliberate disinflation. And in that case, you'd be lucky if the S&P would be above 2,500, let alone 4,000. So this is what the market does not understand. They really, really do not understand.
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