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I frequently get asked about what happens should/when the AI bust comes...
Given the boom was in part driven by tons of debt, odds are that rates would come down more than after the dot-com bust where the boom was equity fueled.
However, the next Q is: will there be bailouts? 1/

Europe's populist right used to be shunned by the mainstream media. Now, France's Marine Le Pen gets a featured front-page interview in the @FT.

The so-called "firewall" has burned down.

ft.com/content/73cfaf…

October rate hike expectations jumped back above 50% after the hot CPI release, currently just below again.
* Warsh in Sept "removed a dose of accommodation" -- expressing no urgency for further hikes.
* Warsh wants to let the data speak - and we got a hot CPI - yet, like any

For context on the Nobel Prize in economics awarded to Woodford and Hall... and why it has a lot to do with Milton Friedman and little with John Maynard Keynes 👇 x.com/JohnHCochrane/…

Congrats to @HooverInst’s Robert Hall for the Nobel Prize in economics (with Michael Woodford). This year’s prize says focus on incentives - rather than surmise about aggregates.
Oh, and Hall favors a flat tax on wages, no tax on the return to investment.
hoover.org/research/flat-…

"Polarization is such an outdated concept."

We have a horseshoe with the left and right agreeing on many policies and the moderate stranded.

@nfergus, paraphrased. Thought provoking discussion: 👇 x.com/nfergus/status…

How do you fix having too much debt? You rely on the short-term debt markets!
Latest exhibit: France
What could possibly go wrong?
wsj.com/world/europe/f…