Why is the Fed telegraphing a pivot while CPI is 2x the target and unemployment is persistently below 4%?

Pretty simple to understand, really: (1) the government can’t continue to make interest payments at these levels; (2) treasury auctions are stressed and risk failing; and (3) the fractional reserve banking industry isn’t as healthy as everyone is pretending.

Bottom line, turned the money printer back on and let inflation rip. Position yourself, accordingly.