Songs for winter nights
I simply must go Baby, it's cold outside The answer is, "No" But, baby, it's cold outside The welcome has been How lucky that you dropped in So nice and warm Look out the window at that storm
This piece was prompted by recent articles by Brad Setser, Zoltan Poszar, Pippa Malgrem, myself and others – though I differ with Zoltan on CNY appreciation.
My pick for the single most significant market development of the last two years was the very large rise in global risk-free rate in 2022 and the comparatively low rise in risk-premium over the risk…
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