Part 17/20:
Rob noted a "liquidity story" dominating recent developments, citing emergency interventions like the Federal Reserve’s $6.5 billion swap line with Switzerland—signs of systemic stress. He warned that continued rate hikes, combined with inflationary pressures and banking sector cracks (e.g., issues in the UK and Switzerland), could culminate in a significant financial upheaval. Cohen warned that unless the labor market softens, the Fed’s tools may be insufficient to prevent a downturn, predicting an official recession in 2023 possibly even backdated.