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@dampedspring Fiscal dominance begins when 1) it’s *unclear* that interest rates fix inflation (ie on the border zone) and 2) it’s not that the Treasury allows/disallows it (although that’s a possibility) but rather the central bank just starts making exceptions for financial stability. @dampedspring Border zones matter because that's where money is made. Early calls. 2023 was the start of non-cyclical fiscal dominance, which means the train won't stop. Can trace it back earlier to 2018-2019 for forecasting stages, too, but a bit more cyclical. https://t.co/HgeMIWx76N