BAF - Fed Employment Mistake Or Correct? Munis?
Albert Einstein was, it turns out, apparently not the person who defined insanity as "doing the same thing over and over again and expecting a different result" (see here), but it's a good definition just the same.
The definition certainly applies in economics and financial markets when we apply regression analysis to data on the assumption that nothing has changed. Many fail to look for new or unique information or regime changes but rather remain trapped by old ways.
In a brilliant analysis, Philippa Dunne and Doug Henwood published the following insight in their