As in “a picture is worth a thousand words”,
“un bon croquis vaut mieux qu'un long discours”,
"百闻不如一见", or "As the Chinese say, 1001 words is worth more than a picture."!
"Looking at 20-year rolling market returns, we are in the bottom 5% of returns since 1927"
S&P 500: 1825 - 2019
The end of monetary magic?
"Markets have gone too far in pricing in aggressive Fed cuts. This increases the risk of disappointment."
Chart excerpt from the article "Has the Anchoring of Inflation Expectations Changed in the United States during the Past Decade?"
Ratio of household debt to disposable income
FOMC policy expectations (OIS)
