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Monetary policy will always be a difficult 'black box' problem, and in any case it is always reactive, which is one reason why hard money is likely a better system for monetary and price stability over time (although Milton Friedman repeatedly schooled me on why this is wrongheaded). In any case, all of the talk about achieving a 'soft landing' in the current Fed tightening cycle looks foolishly optimistic given
Brittany has one of the most beautiful coastlines I know. Situated on the western flank of France, its storms are spectacular. The broken, rocky and
US inflation fell to 8.5% in July, down from 9.1% the previous month. But structural, not transitory, forces are pushing inflation higher. It could be around for some time yet.
Brent Donnelly’s am/FX is a clear and concise daily look at one or two important topics related to global markets.
The world is heading for a period of stagflation – falling growth and rising prices - a particularly miserable type of recession.