With CPI due out tomorrow, we should see confirmation of how behind the curve the FOMC continues to be. Whether or not the data comes in above estimates, it will still be well above the Fed’s professed target of 2% – meaning the pause was yet another mistake served up in the interest of propping up equity markets.
Just a reminder: with CPI around 4% and GDP below 2%, we’ve got stagflation. And, the Fed has no answer for that.
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