There Is No Free Boom!

The Fed may finally have caught up, but fiscal largesse and the AI CapEx supercycle are still running the economy hot, leaving growth stronger, inflation stickier and bond yields structurally higher.

But as Citadel Securities head of fixed income, Nohshad Shah, explains in his latest note, the rest of the world is increasingly forced to import America’s higher discount rate.

THE FED HAS FINALLY CAUGHT UP WITH THE ECONOMY…BUT FISCAL POLICY REMAINS IN THE DRIVING SEAT.