The writer is chief executive and chief investment officer of Richard Bernstein Advisors
Former NFL coach Bill Parcells once famously said, “You are what your record says you are.” A team’s coach might try to rationalise a losing record by highlighting good planning, unfortunate injuries, or players’ small miscues but the stark reality is a team with a losing record is a poor one.
The Federal Reserve claims to be fighting inflation, but before one proclaims the central bank “hawkish”, it seems appropriate to paraphrase Parcells: you are what your real fed funds rate says you are.
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