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Hoping for the best on the policy front but positioning for the worst on the economic backdrop seems to be the flavor of the day, the Fed, now out of necessity alone, will need to adjust policy much more profoundly than they expected.

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    Who said, “Hope is the power of being cheerful in circumstances that we know to be desperate.”
    A C.S. Lewis
    B Christopher Reeve
    C G.K. Chesterton
    D Desmond Tutu