I like Alex - RV should have him on more often.........

Why would it be hard to stop QT?

Alex, thank you for taking the time to share your view and thought process. Can you shed any more color on the Libor/OIS spread? I've been hearing nothing but technical reasoning behind the spike from the street and would love to dig into the mechanics a bit more. thanks!

6 month confidence very low ?

OK. I’m confused and maybe I’ve been wrong all along. Does increased treasury issuance via larger budget deficits increase demand for dollars? does it suck dollar liquidity from the system like QT? I always assumed the opposite. I think Alex implies the former. Can someone help me on this? Thanks.

There is no dollar shortage. The demand for USD is met with instant supply. Learn MMT basics that debunk what most hedge funds think they know. The USD is going down and gold will rally. Rate hikes are price increases. The demand for USD creates inflation yet the Feds think they are stamping it out with rate hikes. Madness.

More bear food. Yet stocks remain in bull market till they stop.

I 100% agree with alex's analysis and have been writing similar in GMI. The parallels with 2000 is very similar indeed.

Didn't grasp the point about EURO vs. interest rate at the 2:20 mark. any help?

Alex summed it up best at 12:44 "... of Fed reducing the BalanceShit and sucking" His words not mine but I'm not sure I've ever heard it put so well. :) Seriously, much respect Alex.

Like Alex's style and careful thought process. He is historically focussed, generally rigorous and totally easy / non-dogmatic / humble. He is pragmatic and non-ideological -- something I appreciate when there are so many talking heads out there (and very occasionally interviewed on RV). Great interview - thank you RV.

actionable research. love it

That is about as good as it gets. Alex is a phenomenal thinker and I value his opinion up there with the Dalio's/Gundlach's of the world.

excellent video and very well articulated. whether you agree or disagree with Alex's conclusions it is hard to punch any wholes in his thought process.

Antonio Banderas dropping serious late cycle knowledge!

Great presentation, Alex. Strongly agree with your view on where we are in the cycle. Fed will keep raising until forced to stop, and QT only compounds the rate hike tightening effect ... and QT is only getting started (balance sheet reduction is ~ 2% in total over the initial 8 months of QT)! Something is going to have "give" here in the next 6 months or so...either growth takes a step-function up, aided by the tax cuts and higher govt spending, and that higher growth "overwhelms" continued financial tightening, or the Fed is going to be confronted with a flat yield curve and an equity market well into correction territory. Equity bulls will point to historical patterns and correctly note that a recession lags an inverted yield curve by roughly a year and that may well hold again this time (who knows), but I suspect that the equity market will "adjust" down further in advance this time...simply because investors learned the value of front-running the Fed during QE and will apply the lesson in reverse as well get further into this tightening cycle.

Can't say I agree but I understand where he is coming from. The question is whether the scale of government and corporate debt and how the Fed has wedged itself between a devil and the deep blue sea will affect how they will react to higher inflation, and lower equity markets. I have my doubts on the ability of the Fed to continue to raise rates in the face of rising US deficits.

Wow - awesome job Alex. I will watch this interview 25 times at least.

Excellent video. Always interesting to hear Alex's views. At this point I think we might be in a situation where we see Treasurys, the USD and even gold rally for a bit in tandem. I know that's counter-intuitive in some ways but given that we're on the precipice of recession (let's say 6-9 months or a year away) it could easily happen. Good time to be in cash/liquid as well, but I for one like being in something like TLT right now where you're earning a little and can benefit from any 'flight to quality' (which so far hasn't happened, but I think will).

Loved this video. One of my favorites in some time. I like his style because he's not dogmatic, just lays out thoughts / why he's thinking that way.

Alex, this was a great video! Great methodology here! Everyone can learn from this video. Really hope they do a follow up with Alex down the road! Bravo!

"I don't like to fight the carry trade..." ; that's so true Alex.

I always value Alex's views and insights. His current thoughts on where we are in the economic and market cycles seem very similar to the recent observations of Lakshman Achutan in another recent RVTV video. It was most interesting to see the similarities to the run up to the 2000 and 2008 bear markets, that Alex's various signals are currently showing. His arguments that we are probably in the late (and possiibly very late) cycle are very persuasive, and I shall watch this again to ensure I don't forget these potential danger signals!

Excellent. Thanks Alex