Warned more than six months ago it was all starting to seriously go awry, the steady stream of increasingly dire messages went unheeded. The eurodollar futures curve first inverted way back on December 1, though hardly anyone noticed (or had any idea what eurodollar futures, even eurodollars, are). Everything that has unfolded between then and now sticking tight to the script written by the market.
As sounds of the R-word grow louder and louder reaching the middle of 2022, confusion continues where clarity is right there available for everyone. Recency bias, confirmation bias, rampant illiteracy, and that’s just central bankers.
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