With U.S. equity indexes languishing in January, it’s clear that investors are anxious about the Federal Reserve’s tightening cycle. George Goncalves, head of U.S. Macro Strategy at MUFG, talks with Jared Dillian of The Daily Dirtnap about whether and when the Fed might recognize a “pain threshold” for the stock market and walk back its hawkish tone. At the same time, given President Joe Biden’s recent jawboning, it’s hard to see how the central bank can relent until it tames inflation. Goncalves and Dillian also discuss credit markets and messages from the yield curve. All told, the only certainty for investors in coming months is uncertainty. Recorded on February 1, 2022.