David Zervos, chief market strategist at Jefferies, explains why he thinks we are on the cusp of a paradigm shift at the Fed. Zervos says the Fed overtightened in 2018 and has not communicated a consistent strategy since then. The result has been a huge bull market in bonds that could force the Fed to cut to the quick. Zervos also explains his view on the risk parity trade, demographic challenges to growth, and what he calls the "bondfire," in this conversation with Ed Harrison. Filmed on Aug 12, 2019 in New York.