I view market rate cut expectations as corroborating the acute fragility thesis. There’s something(s) out there that has the market betting the Fed will be forced into aggressive cuts. It could certainly be a market structure issue.

Getting to the heart of 2023 analysis, there’s absolutely no force of equilibrium associated with Bubbles. They either inflate or deflate. Moreover, the more entrenched Bubble excess becomes, the greater their immunity to policy tightening.