Minsky Moment was building up before 2020. Instabilities were growing in shadow banking fueled by the low interest rates before 2020, but COVID-19 rolled it bac

Minsky Moment was building up before 2020. Instabilities were growing in shadow banking fueled by the low interest rates before 2020, but COVID-19 rolled it back. A tiny recession and supply shock, followed by inflation provides a hard reset. We are now at the safest stage, hedged finance. - Credit environment is not loose. - Investors are not taking too much debt. - Fed is fighting inflation, not fueling growth. Stock markets are booming but only in limited sectors. Most of the growth–with few exceptions–is backed by returns.