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What is the 2008 trap and how do we avoid it?
Jay Powell's press conference yesterday acknowledged both parts of the 2008-style scenario present right now. But like his 2008 predecessors, he is once again falling into the same trap thinking this will save us and him from sharing the same fate(s).
Eurodollar University's Money & Macro Analysis
Transcript of Chair Powell’s Press Conference Opening Statement
March 22, 2023
https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20230322.pdf
Meeting of the Federal Open Market Committee on
September 18, 2007
https://www.federalreserve.gov/monetarypolicy/files/fomc20070918meeting.pdf…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.