LOCKED Part III: Questioning The Narrative – Markets

The current odds of Goldilocks are 20% with a recession 30% and higher inflation 50%
Recessions are “nasty” stocks fall, the curve steepens and reparation drives the $ down
If growth reaccelerates a “nice” rotation is possible but depends on Fed independence
Whichever way this breaks the current soft landing pricing in markets is unlikely to last

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