Quarterly Commentary Letter – Q2 2022: Switchback of Fear
July 22, 2022
The second quarter of 2022 was when reality sank in. Might we be headed back to the future, when inflation – and the fight to curb it – dominated the macro background? A slowdown is inevitably coming. Can the Fed, against the odds, succeed in cooling the economy sufficiently to bring down inflation without a sharp rise in unemployment?