A Word On America’s New Debt Milestone

The Fed keeps insisting, in some cases against the evidence, that rate hikes are working to cool the world's largest economy and thereby inflation. I say "against the evidence" because the US economy's not really cooling and although headline and core inflation are obviously down dramatically from the highs, the latter's a bit obdurate and the PCE-derived "supercore" measure eyed closely by officials was far too warm in the last update. I think we all understand by now that whatever the Fed wa