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DEEP DIVE: Will the Banks Bust the Economy?
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Banking I: Disintermediation 2.0?
The bear case last year was that the Fed would have to tighten monetary policy aggressively because the Fed was behind the inflation curve and had to scramble to catch up. That would cause a recession, which is the only way to bring inflation down, according to the narrative. As a result, valuation multiples would tumble, and so would earnings.
That scenario played out well
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Ed Yardeni