. There are never two identical circumstances. The inflation of the '70s was different from the inflation now.
. There are never two identical circumstances. The inflation of the '70s was different from the inflation now. The real estate crash of the late '80s and early '90s was different from the 2006 bubble that sparked the financial crisis. The financial crisis was totally different from this pandemic. Obviously!different from what we went through last decade. Nominal demand, in terms of GDP, is far stronger . The unemployment rate is already near historic lows.
Just as much as that could put upward pressure on the dollar, though--which is typically a headwind for stocks--it could leave ample global demand for U.S. Treasuries, which is arguably more important right now. Just look at the auction results last week, where Treasuries saw a massive spike in foreign demand. This takes away one of the key concerns major investors like Stanley Druckenmiller have had about a possible spike in rates.
So to sum things up: the Fed is in a rush to tighten ; the stock market won't rattle them as much this cycle as it used to; and foreign demand should help keep our rates, especially longer rates, from spiking too much. Expect to hear a lot more about this if the yield curve does invert, as it's already flattened quite considerably.
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