04 July 2023
4 min read
BUY BONDS
This is pure hypothesis here and almost back of envelope thinking...
But something came to me right as I woke up this morning.
What if, the market only goes down based off a big negative delta on the rate of change of global central bank liquidity on aggregate?
Hear me out...
Through 2023, we have seen QT sort of level off heavily.
ECB actions have been offset by Japan and China, leading to the rate of change in decline of quantitative tightening decreasing heavily.
It's probably easier to view it here...
In the context of how harsh the decline in
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