Founders: Resend Hartnett plus more

Bonus: Extremely thorough piece on the fiscal spending hitting the economy now.

Extremely thorough piece on the fiscal spending hitting the economy now.

The bias is that it will end badly.

We think it is noteworthy that the Banks are now looking at Fiscal more and monetary less.

The problem with that as a bank analyst is you have to dig deeper and get involved with the politics of it all on a much deeper level. It’s more boots on the ground type stuff as well.

Most of these guys have been on autopilot for a decade reporting on hikes versus cuts and what color tie Powell is wearing. But with correlations blown everywhere, and monetary policy being less pronounced in its effects, focus is finally changing.

A few like Hartnett (BOA), Edwards (SocGen), and Feroli (GS) are figuring it out. Pozsar already did over a year ago. When he did, a bell went off here, and the whole thing snapped into place as a return to 1970’s policy pre-Volcker. Hence Anti-Goldilocks and everything that came afterwards from GoldFix

Data will be harder to get, opinions will be riskier to announce, and Banks will start to disagree with one another on material issues.