We've been waiting all year for The Fed to finally pause and pivot. With the June FOMC upon us, it appears that the moment has finally arrived. If you're a regular reader of these weekly columns, then you'll recall that the eventual shift in Fed policy was a central tenet of our annual "macrocast" when it was written back in early January. Monetary policy in 2023 is akin to 2010 and 2019, two recent years where similar policy shifts occurred. Just as in 2010 and 2019, we've waited out the hiking and hawkish rhetoric of The Fed and now rate cuts and additional debt monetization are on the horizon. Wednesday brings the ... (full story)