The most beautiful summary of the last 2 years of equity market activity by Howard Marks https://t.co/5Ma9Vcavwe

Notably, Stephen Miran and Nouriel Roubini recently published a paper about “Activist Treasury Issuance” which is their term that refers to the Treasury Department taking unusual actions to offset the Fed’s tightness. Both Miran and Roubini are economics PhDs and worked in various capacities with the Treasury Department in the past.

In the paper,

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