Pre-Jacko-Hole: Thesis & Trades

When I sit back and think about where we are in the Fed cycle, it’s striking how much the conversation has narrowed. Everyone points to the same headline: about 125 bps of easing priced, terminal drifting down toward 3%. But the story isn’t just about the number of cuts on the strip… it’s about the why and how of getting there. That part, I think, is still misunderstood… read on by becoming a paid subscriber.