Habib on his Rate Forecast being wrong in 2023
"This one we got wrong. We thought they'd start to decline in May and be in the 5s in summer. That certainly did not happen. And there's reasons for that. One was, what we didn't see when we made our forecast in January of 2023, was that our debt limit would be totally removed. Janet Yellen wanted that removed, so there was a deal made by the Biden administration and by Kevin McCarthy, that said let's remove the debt ceiling and the government just printed money. I'm not going to debate whether it's a good idea or bad idea. The fact of the matter is that it added more supply, a lot of supply."
This might be one of the dumbest things I've ever heard him say.
Let me get this straight
Biden passed the Inflation Reduction Act ($500 Billion) and CHIPS Act ($280 Billion) in 2022, even signed into law the $1.7 Trillion spending bill in 2022, and Barry and the gang thought for the first time since the Civil War, over 161 years ago, the US would default on its debt rather than vote to increase the debt ceiling
Really?