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Podcast: Inflection Point
Episode: “A lot More Pain To Come” For Risk Assets | Joseph Wang
Description: On today’s episode of “On the Margin,” former senior Federal Reserve trader Joseph Wang joins the show for a discussion on quantitative tightening. Citing Joseph's most recent piece "Turbo Tightening,” Mike and Joseph walk listeners through the monetary mechanics driving the Fed's balance sheet and the $2 trillion at the reverse repo. They then break down what this means for markets, specifically risk assets.As the Fed begins its quantitative tightening program, Joseph shares the scenarios which could lead to both a soft and hard landing for the Fed. As economist Lacy Hunt recently pointed...