Burdened by a monetary system grown too complex and wrongfooted by a seismic regime shift, many market participants now question Federal Reserve policymakers’ understanding of and ability to manage the macro landscape. Their choices are limited, notes renowned macro investor Hugh Hendry, and it’s questionable whether central bankers even grasp the far-reaching implications of those choices. Hendry, in conversation with Hari Krishnan, the head of volatility strategies at SCT Capital Management, explores structural inflation, global dollar funding, a Fed pivot, and more. Recorded on October 27, 2022.