– Front-Running the Fed: How Gold & Chess-Players Beat a Rigged Market:
We have hardly been the first nor the last to realize that rising rates “break things.”
We’ve all seen the disastrous credit events in the repo crisis of late 2019, the UST debacle in March of 2020, the gilt implosion of October 2022 and, of course, the banking crisis of March, 2023.
And behind, beneath, above and below each of these debacles lies a bemused central banker.
There’s More “Breaking” to Come
But there’s far more “breaking” to come.
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