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The Incoming Recession Is A 2023 Story | David Rosenberg

Inflection Point

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The Fed's Pause Comes With a Tightening Bias

The markets are playing a game of chicken with the Fed. They're going to bark because they don't want the markets to think that they're going to cut rates. The yield curve, as we talked about earlier, if the yield curve didn't invert in August and September briefly in 2019, but they will pause. And next thing you know it's like Lucy and Charlie Brown: It's not like the Fed went from two to three extremes.

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