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09 June 2021
5 min read

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These past few months have been tough.

There's been no clarity whatsoever.

Plenty of noise about inflation though, and this is where we see a fantastic disappointment trade setting up.

The main reason markets care about inflation is because of the Fed response.

The argument?

Too much inflation leads to the Fed tapering QE & hiking sooner and/or faster.

Simplifying, liquidity is withdrawn, the credit tightening cycle begins and the party is over.

Of the FOMC members that matter, none are advocating tapering any time soon.

Talking about, thinking about, thinking about talking about... but not doing!

It's too

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