Risk – Economic Regime Change
In November 2021, Federal Reserve Chairman Jerome Powell signaled a tightening of credit
“Over the long run the Fed will most likely chart a middle course that will take the form of stagflation.” - Ray Dalio, June 2022
“But one thing is certain: Stagflation is real, and it's here in the U.S.” - Mohamed El-Erian, June 2022
“The Fed’s current policy trajectory is likely to lead to stagflation, with average unemployment and inflation both averaging over 5 percent over the next few years — and ultimately to a major recession.” – Lawrence Summers, August 2022
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