Waiting for Fed members to issue their big per nostram culpam? Don’t hold your breath. While they might acknowledge that inflation is way too high, interest rates are way too low, and the balance sheet is much too large, they’ll likely continue to blame supply chain imbalances due to the pandemic.
It matters from the standpoint of a cure. Supply chain matters can’t be resolved via monetary policy, while excessive liquidity most surely can. Whether they’ll have the stomach for doing so is another matter – especially once markets start to really tumble.
Futures are off modestly.
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