LOCKED Q4 Roadmap Part I: The Macro

On both sides of the pond, the spread between nominal GDP and policy rates is extreme
Adjustment can either occur via lower inflation, a drop in real growth or higher rates
In the US, growth has slowed, but hyper-financialisation suggests the Fed has more to do
While the ECB is hawkish, in the EZ, the adjustment will come via a collapse in real GDP

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