One more reason “transitory” and “temporary” have become a silly joke. Even the Fed is backing off promoting it.
The Fed is going to have a heck of a time calling inflation expectations “well anchored.”
Discussing mind-boggling distortions and some of the craziest market conditions.
Millions of people didn’t spend on two big services: rent & interest. How spending got skewed in bizarre ways.
“Transitory” is the new Spandex.
Blames tangled-up supply chains but not what’s causing supply chains to get tangled up: The most grotesquely overstimulated economy ever.
Sales of new single-family houses fall 24% from a year ago. The lower end has died.
But it still won’t cover the dollar’s actual loss of purchasing power.
CPI inflation remains at 12-year high.
And those who experienced the 1970s & 1980s inflation as adults expect 6.0% inflation a year from now.