Is the Fed in Control?

The most important things in macro and why asset markets go up, why they go down is really just a function of how much money does the government need from us. If the Fed makes it very hard for us to give them that money and they need a lot of money, then asset prices, risk assets go down a lot. We've been saying in our research at 42 macro that there's always two phases to the bear market. Most bear markets, that process is kind of, you know, linear and they're close together. But again, I do believe there's going to be a window of time in the first half of next year for risk assets to really do well before we get

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