HSBC Says Fed Could `Change Course' on Balance Sheet in 2019

The transcript discusses concerns about potential Fed policy mistakes in 2019, the end of economic expansion, and the possibility of a recession. It highlights the Fed's patient approach to policy adjustments, including interest rate hikes and balance sheet management. The impact of these policies on markets, particularly emerging markets, is also examined, emphasizing the difficulty of isolating individual factors affecting financial conditions.

What implications does the speaker suggest the Fed's balance sheet policy has on financial markets?

In what ways does the speaker believe the Fed might adjust its policy in response to market conditions?