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As this chart shows, there is a big difference between what the market and the Fed think.
And this divergence will define the first part of 2023 trading.
A 🧵to explain
Seven charts to explain, why the U.S. is heading into a #recession (which is unlikely to be "mild"). 🧵
Let's start with the most problematic one: the yield curves. Many read these like the Bible, and they rarely have gotten it wrong. However, this time there's a problem.
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