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    “…[W]hen the training wheels come off the market in central bank land, macro becomes functionally much more relevant [and creates more volatility in the currency markets], “ said Kyle Bass. “This policy divergence is going to be something between …U.S. Japan and Europe. Europe is going to have to go all-in to arrest their deflationary environment over the next 12 months … And Japan is actually going to have to print more money than they ever have,” as the Federal Reserve winds down QE.

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