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relates to The Shadow Is Born: How the Fed Helped Spawn a $23.7 Trillion Market
Tracy Alloway for Bloomberg
Markets
Odd Lots

The Shadow Is Born: How the Fed Helped Spawn a $23.7 Trillion Market

The origin story of the ultimate economic antihero.

America, early fifties. A country besieged by soaring prices, its supply chains snarled by a war thousands of miles away. The US government and Federal Reserve are on a collision course as the central bank seeks to exit war-time support for the bond market, while the White House desperately battles inflation.

From these dark times, a hero — of sorts — emerges: The Shadow.