This is massive: The rates shock goes global
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Rates shock poetry
There is only one Hartnett. On the latest rates shock he writes: "Euro-area unemployment rate record low 7.0%, inflation record high 5.1%, yet ECB policy rate is -0.5%...you do the math; G7 QE programs ending quickly, rate hike expectations jumping, Fed/ECB rate hikes encourage speculators to test BoJ YCC policy resolve; big capital flows to US stocks driven by negative rates in Europe & Japan ending."
He also notes that this is a historic week as the rates shock goes global which could lead to the tech wreck threatening more severe damage and the recession scare goes mainstream. Lot of moving parts suddenly. It is all about macro...