You Do The Math

There's considerable angst about the prospect that the Fed is too late. Not so much too late to do something about inflation. Some are concerned about that too, but ultimately, monetary policy's capacity to make a difference is probably limited anyway given what's driving inflation in the US. Rather, too late in the sense that the economy is decelerating and thus can't "fund" the Fed's efforts. If policy doesn't manage to shift the entire curve higher, the flattening impulse could create a sel

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3 thoughts on “You Do The Math

  1. As housing costs rise, real wages decline (great resignation narrative aside), and credit gets more expensive, what exactly is the thesis for continued PMI increases?

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