Uploaded August 2026 | Updated September 2026, 3 weeks ago

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Andreas Steno and Raoul Pal explain why Scott Bessent’s latest moves could have major implications for liquidity, inflation, and the business cycle. If energy pressures ease and inflation rolls over, Steno sees room for the Fed to act while growth continues — a setup he compares to the extended expansion of the 1990s. His conclusion: it’s becoming increasingly difficult to see what stops this cycle.

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