Peso is undervalued 😂

You may well be right of course!

Difference between the two … I couldn’t finish Miran’s article, unclear, poorly written or just didn’t make sense to me

And partly so that Bessent can be criticised with his own words, if his short listed Fed Governor ends up doing QE

Ok, ok, maybe I’m reading too much in that bit.

But it was a good read

The important take-away for markets is that Bessent would clearly not favour a return to QE policies to get the long end of the bond curve down, if an overly dovish Fed created inflation

I quibble with just one line. He provides good evidence on the first argument ..but in this piece offers no evidence that tax cuts and deregulation would have been more successful

Curiously he makes a better argument in justifying Trump calling for interest rate cuts

🙏 I’m sure P&G would have cited other issues.

And to be fair, in a country Pakistan’s size there will be areas with millions of people with the skills to do manufacturing.

My point is that disappointment and problems are more likely than easy successes that last decades (Vietnam, Korea, etc)