Another great post from Kyla. I love this quote: “Opinion is really the lowest form of human knowledge. It requires no accountability, no understanding. The highest form of knowledge… is empathy, for it requires us to suspend our egos and live in another’s world. It requires profound purpose larger than the self kind of understanding.”
I also loved Vincent Van Gogh's words. Thanks once again to Kyla.
Free Speech deserves much more thought starting with just what is free speech????? The framers of our own constitution clearly insisted on free speech but there was no such thing really as anonymous speech and what was freely expressed at least was tethered to a particular mouthpiece. Twitter, on the other hand, can be totally anonymous which means some people can express hate, venom and violence but nobody knows who said it and the source of poison takes no responsibility for what was expressed. That to me is anything but free speech; like vicious graffiti on a blank wall; meant to disturb but not to inform!
Great post Kyla! Did you read Howard Marks “Sea Change” memo by chance? He talks about a world of higher rates and how it’ll be very different going forward vs the past 40 years of low rates (his analogy of airport walkway being the low interest rates was great and now that walkway is gone). Also, Fed is doing the right thing IMO! The US is a heavily services based economy, not a heavy goods producing economy and goods inflation is the easier inflation to tame vs services inflation! Wages went up 6.4% over a 3 month period and food inflation is double digits, so they have a lot more work to do. I looked at their SEP 2023 projections from June to Sept to Dec FOMC meetings and the Fed’s projections for 2023 keep getting worst as they expect PCE inflation to be higher than expected (June FOMC projection was 2.7% for Core PCE, Sept FOMC projection was 3.1% for Core PCE, and now Dec FOMC projection is 3.5% for Core PCE)!
The Fed is seeing something in the data we aren’t and it’s affecting their projections. Which is why I think we will, at a minimum, retest October lows.
Another great post from Kyla. I love this quote: “Opinion is really the lowest form of human knowledge. It requires no accountability, no understanding. The highest form of knowledge… is empathy, for it requires us to suspend our egos and live in another’s world. It requires profound purpose larger than the self kind of understanding.”
I also loved Vincent Van Gogh's words. Thanks once again to Kyla.
Free Speech deserves much more thought starting with just what is free speech????? The framers of our own constitution clearly insisted on free speech but there was no such thing really as anonymous speech and what was freely expressed at least was tethered to a particular mouthpiece. Twitter, on the other hand, can be totally anonymous which means some people can express hate, venom and violence but nobody knows who said it and the source of poison takes no responsibility for what was expressed. That to me is anything but free speech; like vicious graffiti on a blank wall; meant to disturb but not to inform!
Great post Kyla! Did you read Howard Marks “Sea Change” memo by chance? He talks about a world of higher rates and how it’ll be very different going forward vs the past 40 years of low rates (his analogy of airport walkway being the low interest rates was great and now that walkway is gone). Also, Fed is doing the right thing IMO! The US is a heavily services based economy, not a heavy goods producing economy and goods inflation is the easier inflation to tame vs services inflation! Wages went up 6.4% over a 3 month period and food inflation is double digits, so they have a lot more work to do. I looked at their SEP 2023 projections from June to Sept to Dec FOMC meetings and the Fed’s projections for 2023 keep getting worst as they expect PCE inflation to be higher than expected (June FOMC projection was 2.7% for Core PCE, Sept FOMC projection was 3.1% for Core PCE, and now Dec FOMC projection is 3.5% for Core PCE)!
The Fed is seeing something in the data we aren’t and it’s affecting their projections. Which is why I think we will, at a minimum, retest October lows.
Excellent writing as always!