What if covid was the top in the risk premium bull market?
cheapconvexity.substack.com
Sections: 1) Q2/Q3 2021 is setting up to be a clash between the Fed's new reaction function and upside risks. The Fed will likely lean into "opportunistic reflation." 2) 2010-2020 was a bull market in risk premium, what if covid and the massive policy response since was a turning point in distributional terms?
What if covid was the top in the risk premium bull market?
What if covid was the top in the risk premium…
What if covid was the top in the risk premium bull market?
Sections: 1) Q2/Q3 2021 is setting up to be a clash between the Fed's new reaction function and upside risks. The Fed will likely lean into "opportunistic reflation." 2) 2010-2020 was a bull market in risk premium, what if covid and the massive policy response since was a turning point in distributional terms?