from Zero Hedge
Earlier we said that the Fed/Treasury’s new alphabet soup bailout facility, the BTFP, stands for Buy The Fucking Pivot as it confirms what we have been saying for months: it’s just a matter of time before the Fed’s rate hikes cause a “credit event” and force the Fed to pivot (incidentally, something Michael Hartnett also said in November).
Of course, before a Fed “Pivot” we need to go through a brief “Pause” period, and moments ago Goldman – which was dead wrong on its call for “transitory inflation” in all of 2021 and which for much of 2022 and early 2023 claimed that the Fed will keep hiking “higher for longer” – just admitted it was wrong again in expecting more hikes, and responded to our rhetorical question from yesterday in which we asked if “the Fed is going to keep hiking as the government backstops banks on the verge of failure due to high rates?”…