Powell Is Losing the Fight on Recession and Inflation

Looking back on the past three months, it’s clear that long-term rates can’t rise much more without systemic risk rearing its head. That changes the macro picture significantly, and has boosted the likelihood of a hard landing and rate cuts by the Federal Reserve some time this year. It also means a pick-me-up for growth stocks.

I’m a big believer in doing ‘mea culpa’ posts from time to time as a way for you to keep me honest by looking back at the long sweep of commentary and analysis I’ve provided and examining where I’ve got it wrong.