Alfonso Peccatiello, author of The Macro Compass, falls neither in the inflation nor in the deflation camp, but rather in the disinflation camp. In this interview with Steven Van Metre of Steven Van Metre Financial, Peccatiello discusses why overlaying structural growth with credit expansion and analyzing credit impulse is a crucial piece to understanding how the monetary system works and where the economy is headed. In light of that, they then address of the misconceptions around quantitative easing (QE) by walking through its mechanics. Peccatiello also tackles the effects of government stimulus spending on the private sector, whether reverse repo is necessarily a precursor to a crisis, and where yields can go from here. Filmed on July 28, 2021.