On the Bessent-Warsh Regime Pt. 3 | Failure Modes and Tentative Conclusions
* Part 1 laid out the regime itself and its prerequisite, and Part 2 covered the oil-lag transmission channels that test the prerequisite — along with the market's forward-repricing evidence.
* Part 3 sets out the four specific cases through which the regime could break, and the tentative conclusion on which
