I see the Fed continuing to raise rates, albeit gradually, and to also continue in its Quantitative Tightening phase,
which really steps up substantially in the final quarter of the year – from $30 billion per month last quarter,
to $40 billion per month this quarter, to $50 billion per month in the final three months of the year.
By the end of next year, the balance sheet will shrink by $900 billion as we play QE in reverse.
This is a really big deal for risk assets…”
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