Originally posted at Capitalstool, May 26, 2022
Rate hikes are irrelevant. They’re the tail. Money is the dog. Wall Street perpetually doesn’t get this. The dealers do of course, but they don’t want everyone else to know it. So they pretend that it’s the rates that matter. Rates are the measure of monetary tightness. 13 week bill is a market rate, not manipulated. Fed must follow.
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