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Adam Tooze

Chartbook Newsletter #16: Treasury markets and the SLR Exemption. When the financial plumbing gets political

The US is engaged in a fiscal policy push of historic dimensions. This has unleashed a debate about inflation, overheating and the output gap. Those concerns have been overridden with the passage of the $1.9 trillion Relief Act.

Don’t expect the inflation hawks to give up easily. Inflation- angst will not go away and now there is an even more pressing fear to worry about. If some increase in inflation is now baked in, are we heading into a bond market storm? If so, what is to be done?

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