12th April 2024

The discernible pick up in US inflation witnessed throughout 2024 is a direct result of actions taken by the Fed and the US Treasury. It is almost 5 months to the day that Powell declared victory in the war against inflation – what must now be viewed as one of the more infamous calls in (recent) Fed history – while it was only last month that Powell was trying to reassure us that January and February inflation data was a mere blip. Hubris or incompetence? Perhaps both.

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