The attack against the Fed continues ahead of Jackson Hole
- Says that there will be a recession eventually but yield curve inversion is not as reliable as people think
It's a bit of a convoluted argument. If the Fed is going to be aggressively cutting, that means they're seeing something really dour in the US economy. That will lead to heightened global recession fears and in turn feed back strength into the dollar because everywhere else just appears to be worse right now.
