Could be. One of the major sins of the early naughts era was QE to support housing prices at the expense of young families which was money that went into these companies anyway. The FED no longer has the appetite to replicate the GSEs (in my view). And that is way more important to the story.
Remember Powell is a Republican and he’s not a bad one nor too willing to refabricate the institution he runs to a mortgage lender.
The System has a right to self-defence.
Unlevered long gold has been my main hedge to this position as I don’t have access to ISDAS or stock swaps.
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