Conventional wisdom suggests a 3-6 month lag for monetary policy effects, I believe it’s longer, notes Peter Tchir. He discusses how stocks are extending losses as job openings rise. He breaks down the monetary policy lag effect. He talks about how “smart borrowing” prepared for an aggressive Fed. He highlights that borrowers’ smart decisions are leading to a more extended lag than usual. He says that the Fed should be cautious with rate hikes as real impacts are only starting. He outlines how investment grade bonds are impacted by monetary policy. He then goes over the outlook for the Fed past 2023. Tune in to find out more about the stock market today.