As usual, the focus went to the exact wrong place. In most people’s minds, the idea hammered home by the uniformly compliant financial press, it’s all about inflation and accommodative Federal Reserve policy. According to the current popular breeze, this along with Uncle Sam’s uncontrollable check-writing vigor has put the economy on course to overheating if not drastically so. Didn’t you see last month’s gargantuan CPI? Thus, what’s in demand is simply confirmation that the so-far reluctant monetary accommodators see the same thing. Up to this point, Jay Powell and gang have been steadfast. Whatever is happening in ... (full story)