Noice. This shows the 2020 deviation and subsequent reversal in context.

If you draw a trend line from 1995-2020 and beyond, and another line from the peak in 2022 to present, you’ll see those lines cross in a few months (July 2024).

I predict that that’s when the Fed will resume pre-COVID policy. Money printer go BRRR.

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So funny how this "loosening" seems so small in the grand scheme of things, and on the whole plot.

Agreed. It also shows how ridiculously fragile the whole game is. That deviation in 2020 hs put the system at risk.