Zaid

It really kind of started when Paul Volcker.

So we actually covered some of the stuff in our deep dive that we did on the podcast last week where we talked about the history of the Federal Reserve.

And so the great moderation kind of started after Paul Volcker tamed inflation right in the late 80s, where he kind of hiked up interest rates to 20 percent or something.

Inflation kind of came and came and came down.

And then after that, from the mid 80s to.

I think 08 was generally kind of what I learned in school was like the great moderation where like things were kind of steady, decent, you know, decent growth.

Stock market started going up.

And then we kind of have the period that we have today where there's a lot more volatility, a lot of unpredictability.

So you mentioned like

how Donald Trump is running things like a reality TV show.

What do you think are the consequences of that in the economy?

And are we seeing some of that already?

So.

You mentioned how like the bond market, I think that's the key point there was like the bond market has kind of turned into like this fourth branch of government.

The bond market and the stock market to some degree, it's like the fourth branch of government.

It's like the only thing that's kind of putting a check on Trump's decisions and power, right?

Like whenever he sees the bond market freak out or the stock market freak out, he kind of reversed courses, the taco trade, very famous.

What kind of scares me about that, though, is like the taco trade is like kind of priced in now a little bit.

Right.

So like when, you know, the DOJ launched a criminal investigation into the Fed and Jerome Powell had his famous video on Sunday night a couple of weeks ago, markets didn't really freak out.