
Sometimes there are seismic shifts in fundamental financial and economic policy that go completely unnoticed by the media. We might just have had one of those. The question of the day is, has the Fed given up on the 2% inflation target? It looks like the Fed is gently backpedaling away from that 2% target. I've talked about this probably for the last two years, that I wouldn't be surprised that all of this happened. And finally, we're getting something that's going to look more like 2 to 3%. That's a big difference. In fact, the most recent numbers show an upward revision of inflation expectations, and yet the Fed is talking about possibly lowering interest rates two to three times this year. So what's going on? Why the dovish tilt in the face of rising expectations? Now, we've talked about a Goldilocks economy a number of times in...
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