Late last year, Fed Chairman Powell was on a rate hiking campaign that was a “long way off” from being complete. Furthermore, the Fed set its balance sheet on course to allow its treasury holdings to expire, rather than roll them over into new debt. This balance sheet reduction was said to be on autopilot, and would translate into a significant reduction in the existing money supply. A tightening money supply would be bearish for … read more Newsletter #208—Dialing it Back